Crypto’s billions are back, but the premiums aren’t
60-second summary
Kalshi pushes for a $40 billion valuation as Blockchain.com prepares an IPO, yet crypto‑treasury firms see valuations slipping from former peaks, highlighting a market where capital returns but premium multiples fade; investors pour billions back into the sector, but reduced price‑to‑sales ratios signal tighter scrutiny and a shift toward more modest growth expectations.
Kalshi seeks a $40 billion valuation, while Blockchain.com targets an IPO and crypto treasury companies struggle to maintain their once-high valuations.