Crypto fundraising is accelerating again, but investors are applying premiums selectively. Prediction-market platform Kalshi is reportedly seeking approximately $1 billion at a $40 billion valuation, nearly twice its May valuation of $22 billion. Blockchain.com is preparing to raise about $500 million through an initial public offering at a potential valuation of $4 billion to $6 billion, far below the $14 billion valuation it reached during the previous crypto boom. The contrast is clearest among digital asset treasury (DAT) companies, which hold crypto assets on their balance sheets: DWF Ventures found that only four of the 20 largest by assets under management trade above an mNAV, or market value-to-net asset value ratio, of 1. Bit Digital, Strive, Hyperliquid Strategies and BitMine were the exceptions. Bitget CEO Gracy Chen also said recovering funds from the exchange's $388 million security breach may be difficult, citing the 2025 Bybit hack, in which only about 3.5% of roughly $1.5 billion stolen had been frozen. Kalshi's funding talks are not final, while Blockchain.com has confidentially filed draft registration documents with the U.S. Securities and Exchange Commission. The reopening of crypto capital markets is taking place alongside a more than 30% rise in Bitcoin since mid-August, although recently listed Gemini, BitGo and eToro remain roughly 50% to 80% below their post-IPO highs.