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Crypto’s billions are back, but the premiums aren’t

Venture capital and public-market activity in crypto is reviving, but investors are no longer granting the broad valuation premiums seen in the prior boom. Kalshi is reported to be seeking about $1 billion at a $40 billion valuation, Blockchain.com is preparing a roughly $500 million IPO targeting a $4 billion to $6 billion valuation, and most digital-asset treasury firms now trade below their net asset value, according to industry reports.