Blockchain Capital launched the first security token back in April 2017, this was to be the first tokenized venture fund. This STO event raised $10M USD with each token selling for $1.00.
On April 1st, 2023 they announced that the net asset value (“NAV”) of each BCAP token as of March 31th, 2023, is $14.72, based on the NAV of the underlying venture capital fund, Blockchain Capital III Digital Liquid Venture Fund, LP.
The BCAP NAV finished up 9.9% for the first quarter of 2023. The BCAP portfolio is up 1,372% since inception, post-STO from April 2017, and has a Net IRR of 56.8%. Performance figures are net of all fees and carry.
The three biggest holdings are currently as following:
OpenSea, the world’s first and largest web3 marketplace for NFTs and crypto collectibles.
Anchorage, a crypto platform providing institutions with integrated digital asset financial services and infrastructure solutions. It offers a digital bank as a crypto-native bank and also offers crypto strategies for leading institutions.
Circle Financial manages one of the most trusted stable coins USDC, the value is pegged to the U.S dollar.
The next two holdings in this equity portfolio are worth noting.
Kraken is a highly regulated cryptocurrency exchange that has recently benefited in signing up new investors due to the collapsed FTX exchange. Kraken is not publicly traded yet, but is rumored for a 2023 IPO.
Another company that should be on the radar for investors is Securitize, the market leader in the emerging digital securities space, in fact Securitize is the wallet and portal that is used for BCAP investors.
When reviewing crypto assets in the portfolio, the token RocketPool (RPL) could be the next unicorn, this token has more than doubled in value in 2023, and has recently emerged as a top 100 market cap token.
Bitcoin (BTC), and Ethereum (ETH), are obviously both market leading tokens, and Ethereum is on a bull run since moving to Proof of Stake.
About Blockchain Capital
Blockchain Capital was founded in 2013 with the mission of helping entrepreneurs build world-class companies and projects based on blockchain technology – providing founders with the tools they need to succeed: capital, domain expertise, partnerships, recruiting and strategy.
Blockchain Capital is one of the earliest and most active venture investors in the blockchain industry and has financed 100+ companies and projects since its inception. The company invests in both equity and crypto assets and is a multi-stage investor. Blockchain Capital also pioneered the world’s first ever tokenized investment fund and by extension the blockchain industry’s very first security token, the BCAP, which the company sold through a security token offering in April of 2017.
Blockchain Capital believes that blockchain technology holds the promise to disrupt legacy businesses and create whole new markets and business models, and invests in founders who want to leverage blockchain technology to change the world in profound ways.