Today they announced that the net asset value (“NAV”) of each BCAP token as of December 31st, 2020, is $6.33, based on the NAV of the underlying venture capital fund, Blockchain Capital III Digital Liquid Venture Fund, LP. Weekly NAV updates can be found here.
The BCAP NAV finished up 14.5% for the fourth quarter of 2020. The Q4 increase was driven by the liquid/crypto assets of the fund’s portfolio, specifically Ethereum, Bitcoin and Filecoin (FIL) a decentralized file storage and sharing network that leverages the power of blockchain technology. The NAV is up 73.9% for year-end 2020.
In the fourth quarter, the BCAP exited its final position in OXT and sold its Ripple common shares. The sale of Ripple is an interesting development and is most likely influenced by a recent SEC Complaint against Ripple Labs.
The BCAP portfolio is up 532.9% since inception, post-STO from April 2017, and has a Net IRR of 64.0%. Performance figures are net of all fees and carry.
The composition of the portfolio as of December 31st, 2020 is as follows:
An interesting observation is the amount of Coinbase stock that is held, a holding that is most likely to be lucrative due to the anticipated Coinbase IPO.
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 90+ companies and projects since its inception. The company invests in both equity and tokens 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.
The company’s view is that blockchain technology holds the promise to disrupt legacy businesses and create whole new markets and business models. Blockchain Capital believes its network of entrepreneurs, investors and advisors brings unrivaled resources to founders who want to leverage blockchain technology to change the world in profound ways.
Disclaimer: I am LONG on BCAP having purchased the tokens on the initial STO date. This asset will not be sold for a minimum of 30 days after this post.