Blockchain Capital Releases Q3 2018 BCAP Token NAV

Blockchain Capital Releases Q3 2018 BCAP Token NAV

Blockchain Capital Reports Third Quarter 2018 BCAP Token NAV

San Francisco, CA — October 1, 2018 — Blockchain Capital, a premier venture capital firm investing in blockchain technology companies, today announces that the net asset value (“NAV”) of each BCAP token as of September 30th, 2018, is $3.29, based on the NAV of the underlying venture capital fund, the Blockchain Capital III Digital Liquid Venture Fund, LP. Weekly NAV updates can be found at www.blockchainloop.com.

“We are pleased to report a strong quarter for the BCAP, which was highlighted by successful realizations of our positions in Block.one, ZeroX and Power Ledger. These exits returned over +50x, +25x and +15x respectively,” said Brad Stephens, Managing Partner of Blockchain Capital.

“Looking ahead, the BCAP portfolio is well positioned to execute against its diversified investment strategy,” Stephens continued. “We believe we have constructed a portfolio that balances holding the equity of the leading venture-backed companies with strong operating fundamentals, while also investing in the leading token offerings. We are extremely excited about our portfolio of investments.”

The BCAP is mid-way through its upgrade process which began this past quarter. We expect that certain security token-capable secondary trading platforms will be able to list the upgraded BCAP within the coming weeks. Additionally, we believe that at least one qualified custodian will be able to provide custody for the BCAP shortly into the fourth quarter.

At September 30, 2018, the BCAP held positions in 23 separate investments with an aggregate fair value of $32.9 million. Ten of these investments are equity investments in the leading companies in the blockchain ecosystem, representing 36.9% of the portfolio.

The BCAP portfolio is up 228.6% since inception, post-ICO from April 2017, and has a Net IRR of 123.8%. The breakdown of the portfolio is:

Equity Investments (36.9%):
Block.one
Circle
Coinbase
CoinCircle
CoinList
Harbor
Kraken
OpenSea
Ripple
Securitize

Illiquid Tokens and SAFTs (22.3%):
Blockstack
Computable
FileCoin
Grid Singularity
Orchid Network
Tari

Core Crypto (19.3%):
BTC
ETH

Cash/USD (15.9%):

Other Crypto (5.5%):
BNT
BCAP
DCR
KIN
TNT
UKG

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. Our passion is providing founders with the tools they need to succeed: capital, domain expertise, recruiting and strategy.

Blockchain Capital is one of the oldest and most active venture investors in the blockchain technology sector and has financed 72 companies and projects since its inception. We invest in both equity and tokens and are multi-stage investors.

Our view is that blockchain technology holds the promise to disrupt legacy businesses and create whole new markets and business models. We believe our network of entrepreneurs, investors, and advisors brings unrivaled resources to founders who want to leverage blockchain technology to change the world in profound ways.

For more information, please email contact@blockchaincapital.com, visit www.blockchaincapital.com, or call 415-677-5340.

Disclosures: Nothing presented herein is intended to constitute investment advice, and under no circumstances should any information provided herein be used or construed as an offer to sell or a solicitation of an offer to buy securities or interests in any investment fund. All figures listed above are unaudited estimates of Blockchain Capital III Digital Liquid Venture Fund, LP (“Blockchain”) that have been generated by BC III DLVF GP, LLC (the “General Partner”), and are subject to modification by Blockchain’s independent administrator and/or auditors. Blockchain’s performance figures are net of all fees and expenses, including management fees, but excluding carried interest, which, if any is due to the General Partner, is only calculated on an annual basis. Investment performance figures have been calculated based on Blockchain’s investments and AUM. The information regarding performance, exposures, and other portfolio characteristics are presented as of the date referenced and may not be representative of Blockchain’s current or future investments. Portfolio holdings will vary.

The information provided herein is historical and past performance is not indicative of future results. As with any investment strategy, there is potential for profit as well as the possibility of loss. No guarantee of investment performance is being provided and no inference to the contrary should be made. It should not be assumed that an investment in any fund managed by the General Partner or its affiliates will be profitable. Investment in the fund described herein will be suitable only for certain sophisticated investors who have no need for immediate liquidity in their investment and who are comfortable with the substantial risks associated with such an investment. Please note that this letter contains unverified performance estimates and may be subject to change. The General Partner and its affiliates undertake no obligation to revise or update this information. THIS PERFORMANCE SUMMARY IS FOR INFORMATIONAL PURPOSES ONLY.

Any reproduction or other distribution of this material in whole or in part without the prior written consent of the General Partner is prohibited.

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