Kalshi Seeks $40B Valuation as Blockchain.com Eyes IPO

The two moves point to a split in where crypto capital is willing to pay up: regulated, fee-generating venues like prediction markets and exchanges are being repriced upward, while treasury vehicles that were essentially listed proxies for token exposure are losing their premium. That distinction matters because it suggests allocators are rewarding operating businesses over balance-sheet plays. Whether the Kalshi valuation and the Blockchain.com listing actually clear at those levels, and whether treasury discounts keep widening, is the open question.