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 July 1st, 2023 they announced that the net asset value (“NAV”) of each BCAP token as of June 30th, 2023, is $14.67, based on the NAV of the underlying venture capital fund, Blockchain Capital III Digital Liquid Venture Fund, LP.
The BCAP NAV finished down 0.4% for the second quarter of 2023. The BCAP portfolio is up 1,367% since inception, post-STO from April 2017, and has a Net IRR of 54%. 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.
One holding in this equity portfolio that is worth noting.
Securitize, the market leader in the emerging digital securities space, in fact Securitize is the wallet and portal that is used for BCAP investors.
On another note, the portfolio in July will likely be impacted somewhat from the equity in Ripple, which has benefited from the recent Ruling in Ripple vs. SEC. The ruling in the Ripple case concluded that sales of Ripple’s XRP token directly to institutional investors violated the SEC’s rules, but offerings to retail investors on exchanges didn’t, delivering what was widely seen as a victory to the crypto industry. Nonetheless, it should be stated that the SEC is appealing this ruling.
When reviewing crypto assets in the portfolio, the token Nexus Mutual (NXM) stands out since it is the 3rd largest holding, this is a decentralized insurance alternative protocol built on Ethereum that allows members to join and share risk. In March 2023, Nexus Mutual announced the launch of Nexus Mutual V2, the infrastructure layer where anyone can share risk and build the future of on-chain protection. To date, Nexus Mutual members have sold more than $4.3b in cover, paid over $14m in claims, launched five cover products, and set the standard for on-chain protection. It should be interesting to watch how this company and this token perform over the long term.
Bitcoin (BTC), and Ethereum (ETH), are obviously both market leading tokens.
