Prediction market platform seeks $1 billion at premium despite sector slowdown
Kalshi, a prediction market platform, is targeting a $40 billion valuation in a new fundraising round seeking $1 billion, according to people familiar with the matter. The valuation would represent an 82% premium over Kalshi’s May 2026 Series F close at $22 billion.
The move underscores a broader shift in crypto capital markets. While companies are raising billions again, investors are no longer handing out premiums indiscriminately. Kalshi’s existing backers, Sequoia Capital and Wellington Management, are in talks to lead the new round.
Blockchain.com, an exchange and wallet provider, is separately preparing for a public listing. The company confidentially filed draft registration documents with the SEC in May 2026 and is targeting an IPO fundraise of $500 million. Its potential valuation range sits between $4 billion and $6 billion, a sharp retreat from the $14 billion valuation the platform commanded during the previous crypto boom.
Digital asset treasury stocks face structural headwind
The slowdown is particularly acute for digital asset treasury (DAT) companies, which allow issuance of shares to buy crypto without diluting existing shareholders when shares trade above net asset value (NAV). Michael Saylor’s Strategy pioneered the Bitcoin treasury model in 2020.
Only 4 of the 20 largest DAT companies are currently trading above NAV. Most DAT stocks have underperformed simply holding the underlying crypto asset. When shares trade below NAV, raising equity becomes dilutive and undermines the model’s core financing mechanism.
Bitcoin has climbed more than 30% since mid-August 2026, yet DAT valuations remain compressed. Recently listed crypto companies face similar headwinds. Gemini, BitGo, and eToro remain roughly 50% to 80% below their post-IPO highs.
Bitget hack recovery stalls
Bitget, a cryptocurrency exchange, disclosed a security breach resulting in $388 million in losses. The company initially reported the loss figure as $352 million before updating the total.
Gracy Chen, Bitget CEO, stated that North Korea may be responsible for the hack based on matching IP addresses, though it has not been proven. “That’s only the freezing. It’s not about recovery yet,” Chen said, highlighting the distinction between blocking stolen funds and actually recovering them.
Progress has been limited. Tether and Circle froze $318,013 in USDT and USDC tied to the attack. NEAR froze $500,000 in Intents and blocked an additional $50 million tied to the Bitget attack.
The recovery rate contrasts sharply with Bybit’s 2025 hack, in which roughly $1.5 billion was stolen. Bybit froze only about 3.5% of the stolen funds, illustrating the structural difficulty of recovering assets once they leave exchange custody.
