The valuation vibe shift
Real talk: the days of investors throwing money at any crypto project with a pulse are over. While some big names are still stacking bags, the market is getting way more selective. Investors are no longer handing out massive premiums just for being 'in crypto,' and it’s lowkey shaking up the business model for a lot of firms.
The treasury struggle
Take Digital Asset Treasury (DAT) companies. These firms used to command huge premiums, which allowed them to issue shares and buy more crypto without diluting their holders. But according to DWF Ventures, that play is losing its edge. Out of the 20 largest DATs, only four—Bit Digital, Strive, Hyperliquid Strategies, and BitMine—are currently trading above the value of their actual crypto holdings. For everyone else, it’s giving 'discount' territory. When stocks trade below their net asset value, the whole strategy of raising equity to buy more coin stops working, which is a major L for the model.
Funding rounds and IPOs
Despite the cooling premiums, some firms are still chasing massive numbers. Kalshi is reportedly looking at a $40 billion valuation, basically doubling its worth since May. Meanwhile, Blockchain.com is prepping for an IPO, but the market reality is harsh: they’re targeting a $4 billion to $6 billion valuation. That’s a far cry from the $14 billion peak they hit during the last bull run.
The Bitget fallout
It’s not just valuations making headlines; security is still a nightmare. Bitget CEO Gracy Chen recently shared that she isn’t super optimistic about recovering the $388 million lost in their recent security breach. She pointed to the 2025 Bybit hack, where only a tiny fraction of stolen funds were actually recovered. Bitget suspects North Korea might be behind the attack, though it's not confirmed.
Why it matters
The golden era of 'growth at any cost' is dead. Investors are being more risk-aware, focusing on fundamentals rather than hype. If you’re looking at crypto stocks, remember that past performance isn't a guarantee of future gains—this isn't financial advice, so stay sharp and DYOR (Do Your Own Research).
