QSBS cutoff is $50M in gross assets owned by the company, not $50M valuation. There are many cases where a valuation can be far above $50M yet still qualify. That said, I have no idea if Bolt would qualify here. FWIW financial services companies don't qualify for QSBS at all, so Bolt may fall under that

If a company has raised more than $50M though, does that immediately cross “$50M in gross assets” anyways?

Obviosuly that’s different than a valuation, but that would immediately disqualify Bolt.