• BCAP will start trading on Templum soon which will provide some much needed liquidity…..This token is crazy undervalued when you consider Filecoin, Blockstack and Orchid protocol stakes which will still be marked at entry price. If the filecoin futures on are even half accurate there is probably about $1 to add to the NAV right there when the project goes live.

      • Hi David. How do you know how they are valuing Filecoin etc? I can’t find that information. I would love to know where to find it 🙂

        • For any of the ico’s where the token hasn’t started trading yet – the 3 I mentioned, they will have to mark at cost, anything trading on exchanges is marked to market – this is fairly standard market convention. I asked someone from the bcap team about this at Consensus:Invest and they confirmed that was their policy but I don’t believe it is written anywhere explicitly – can’t remember if the investment memorandum included their valuation policies. The max price that any of the pre-ico investors paid for Filecoin was $0.75 whilst the ico price finished at somewhere in the $5 range. To be clear the price is an illegal grey market not supported by the filecoin team and is probably too rich but there is decent upside relative even to the final ico price.

          • For their VC/equity investments lets say they invest in Series A, they have to mark it at cost until the Series B round of funding at which point they can revalue.

            • Thanks for the clarification David – are you not concerned at all from the complete lack of communication from the team? I just wanted to understand why they haven’t been providing their investors with any sort of updates.

            • JD – couldn’t reply to your post for some reason. It goes without saying the communication from the team here is abysmal relative to other crypto projects and poor relative to traditional finance funds. It would be great if they decided to treat token-holders in a similar manner to their lps in the non-tokenised part of fund who I imagine get substantially more detail. However I don’t get concerned about their management of the fund – they are heavily incentivised to perform well and the fund will be audited so unless you think Blockchain Capital is fraudulent – I very definitely don’t – it is frustrating rather than concerning.