Blockchain Capital Reports Fourth Quarter 2018 BCAP Token NAV
San Francisco, CA — January 7, 2019 — 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 December 31st, 2018, is $2.93, 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.
Despite 2018 being an extremely challenging year for the larger crypto market, the BCAP token was the second-best performing crypto asset for 20181. Thankfully, we liquidated the majority of our smaller tokens in the beginning of the year. The fund’s performance for 2018 was down 38.2% compared to Bitcoin and Ethereum, which were down 73.6% and 82.4% respectively.
“Through a rotation out of tokens and into leading equity positions, we were able to avoid a lot of the industry’s pain in 2018,” said Managing Partner, Brad Stephens. “We believe in the venture capital approach to investing in the crypto ecosystem, ensuring that liquidity is aligned, while also preserving flexibility to shift between token ownership and equity ownership. We continue to be extremely excited about our portfolio of investments.”
This year was also a major year for the operations of the BCAP token. We completed the token contract upgrade with Securitize, further ensuring compliance for secondary trading with major regulatory bodies. The BCAP is now trading live on the OpenFinance Network. For 2019, we plan on continuing to work with all security token focused exchanges to get more trading venues for BCAP. In addition, we continue to work with the leading custody providers to enable institutional level custody solutions for the BCAP.
At December 31st, 2018, the BCAP held positions in 24 separate investments with an aggregate fair value of $29.3 million. Ten of these investments are equity investments in the leading companies in the blockchain ecosystem, representing 51.3% of the portfolio.
1 According to data taken from messari.io.
The BCAP portfolio is up 192.7% since inception, post-STO from April 2017, and has a Net IRR of 86.3%.
The breakdown of the portfolio is:
Equity Investments (51.3%):
Core Crypto (19.2%):
Other Crypto (5.8%):
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 industry and has financed 70+ 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.
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 in Q1 of the following year. 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.