Blockchain Capital

This is the world's first tokenized venture capital fund, structured as a security token (investment security) on the Ethereum blockchain. The token represents a limited partnership interest (LP interest) in the Blockchain Capital III Digital Liquid Venture Fund, LP (BC III DLVF), which invests in blockchain startups and digital assets. The economic value of BCAP is tied to the net asset value (NAV) of the portfolio, not to any blockchain utility. The initial offering took place in April 2017 as a regulated security (Reg D / Reg S).

The project was launched by the venture capital firm Blockchain Capital, founded in 2013 in San Francisco (originally called Crypto Currency Partners). In April 2017, the company issued the BCAP token through a mechanism similar to an ICO, but in compliance with securities laws. Within six hours, $106 million was raised (historical target - $10 million) at a token price of $1 and a total limit of 10 million tokens. This was the first instance of tokenizing a venture capital fund, giving the project pioneer status in the security token sector.

BCAP is not a utility token or a voting coin. It provides holders with an indirect, fractional, non-voting economic stake in the fund's portfolio. The key difference from traditional cryptocurrencies is the absence of blockchain utility, mining, staking, or fee burning. The token's value is determined not by market speculation, but by the dynamics of the NAV of the underlying portfolio, which includes stakes in leading crypto companies.

Direct competitors include SPiCE VC (SPICE) and other early security tokens, but BCAP is considered the first tokenized venture capital fund, giving it a historical advantage.

Features of Blockchain Capital

Technical Information

The BCAP token was initially deployed on Ethereum as an ERC-20. In 2018, it was migrated to the Securitize Digital Securities Protocol (DS Protocol), which ensures KYC/AML compliance at the smart contract level. Current contract on Ethereum: 0x1f41e42d0a9e3c0dd3ba15b527342783b43200a9, with 0 decimal places. Etherscan shows a maximum issuance volume of 9,108,859 BCAP (below the initial hard cap of 10 million, explained by subsequent buybacks and token burns). Network - Ethereum (PoS consensus with Gasper/Casper FFG, typical slot time ~12 seconds, finality in ~2 epochs).

In December 2024, the fund announced a migration to ZKsync (with participation from Securitize, Circle, and Matter Labs) to reduce fees and speed up transactions. The smart contract includes freeze and forced transfer functions, controlled by the issuer and transfer agent, in accordance with regulatory requirements.

Tokenomics

The issuance of BCAP is not programmatic: the token represents a closed-economy RWA instrument. Initially, 10 million tokens were issued and sold at $1 each. After the 2018 migration, some tokens may not have been issued, and subsequently, the fund conducted strategic buybacks and burns, reducing the circulating supply to ~9.1-9.11 million. There is no mining, staking, or inflation. Token holders have no voting rights - all investor rights are defined in the fund documents.

Distribution: the initial offering (ICO) was conducted under Reg D for 99 accredited investors from the US and under Reg S for non-US persons. The minimum application was $20,000. Secondary trading for Americans became available after the lock-up period expired in May 2019. In January 2025, the fund paid dividends of $0.25 USDC per token (25% return on the initial price).

Security of BCAP

The original BCAP contract underwent an audit by OpenZeppelin (published April 27, 2017). The audit identified privileged roles (tokenIssuer with the ability to manage issuance and freezing) and recommended using multi-signature for keys, avoiding code duplication, and standardizing error handling. No critical vulnerabilities were found. After the migration to the Securitize DS Protocol in 2018, the Securitize platform itself was additionally audited (by Halborn and CoinFabrik).

Known incident: On August 9, 2023, the official X-account (Twitter) of Blockchain Capital was hacked to promote a fake "BCAP airdrop" with a phishing site. After access was restored, the posts were deleted. The smart contract itself was not compromised, and no loss of holder funds was recorded. No bug bounty program specific to BCAP has been identified.

Where to Trade

Exchanges trading this token are not indexed in our database yet.

Since BCAP is a regulated security, its trading occurs exclusively on specialized Alternative Trading Systems (ATS) and security token exchanges that comply with regulatory requirements. The main platforms are: INX ONE (following the acquisition of OpenFinance Network by INX Limited), Securitize Markets, and tZERO. Historically, the first US ATS was OpenFinance Network (since May 2019).

All-time high - $106 (Jul 28, 2026), decline from ATH 0.00%. All-time low - $17.76 (Jun 2, 2025).

Listings on Aggregators

Project ranking by market capitalization:

• CoinGecko rank: 66
• Finkonkurs rank: 65

Investors and Funds

BCAP did not attract external investors in the traditional sense - the token itself is the capital raising instrument. The token issuer is Blockchain Capital TokenHub Pte. Ltd. (Singapore), and the management company is Blockchain Capital, LLC (San Francisco).

Blockchain Capital as a firm has conducted several rounds for its own funds:

• Debut fund - $1 million (2013).
• Second fund - $12 million (2014).
• Blockchain Capital III Digital Liquid Venture Fund, LP (BC III DLVF) - $10 million via BCAP + a parallel $40 million traditional LP round (2017). Total capital raised from over 850 investors across 80 countries.
• Fund IV - $150 million (2017).
• Fund V - $300 million (2021).
• Combined early-stage and opportunity fund - $580 million (2023).
• In April 2026, fundraising began for $700 million for two new crypto funds.

The fund's portfolio includes stakes in companies such as Coinbase, Kraken, OpenSea, Circle, Ripple, Aave, Anchorage Digital, Bitwise, Parity (first investment in the Ethereum ecosystem in 2016), and Bison Trails (Series A in 2019, later acquired by Coinbase).

Key Partnerships and Ecosystem

BCAP is closely integrated with the Securitize infrastructure (official transfer agent, registered with the SEC and FINRA). In 2018, the token was migrated to the Securitize DS Protocol, which enforces transfer restrictions at the smart contract level. In 2024-2025, a migration to ZKsync occurred with support from Circle and Matter Labs, providing lower fees and faster transactions.

Institutional custody is supported by several custodians:

• BitGo - custody support since March 2019.
• Coinbase Custody - the first major institutional custodian to support BCAP starting June 2019 (the first security token on the platform).
• Anchorage Digital Bank N.A. - also provides custody services.

Fund administration functions are performed by Kranz & Associates, and auditing by Deloitte. Partnerships with portfolio companies (Aave, Circle, Coinbase, etc.) are part of the fund's investment activities, not direct token integrations.

Potential

BCAP offers a unique opportunity to gain diversified venture exposure to the blockchain ecosystem in a digital, tokenized form. Growth potential is linked to several factors:

• Growth in the net asset value (NAV) of the portfolio as portfolio companies mature and go public or raise new funding rounds. In Q1 2026, the fund's NAV reached $359 million.
• Dividend payments (in January 2025 - $0.25 USDC per token) and the buyback/burn mechanism, increasing the value of remaining units.
• The trend towards tokenization of real-world assets (RWA) and the growth of institutional adoption of digital securities.
• Transparency via blockchain: regular quarterly NAV updates and weekly metrics.

Risks [Identified by Finkonkurs AI Analytics System]

• Regulatory Risks: BCAP qualifies as a security under US law. Any changes in regulation (SEC, CFTC) could affect the possibility of secondary trading or alter investor requirements. The limit of 99 accredited investors from the US (Reg D) remains, although the number of holders may be larger due to Reg S and subsequent trading.
• Liquidity Risks: Due to its security token status, BCAP is not traded on mass exchanges (Binance, Coinbase) or decentralized platforms (Uniswap). Secondary liquidity is concentrated on a few ATSs with low volumes (as of mid-2026 - only 8 active addresses in 30 days, 634 holders). Selling may be difficult.
• Technical Risks: The use of a smart contract with privileged roles (freeze/clawback) requires trust in the issuer and transfer agent. The hack of the corporate X-account in 2023 demonstrated vulnerability to social engineering, although the contract itself was not affected.
• Competitive Risks: The emergence of other tokenized funds and more flexible structures (DAOs, spot ETFs) could reduce BCAP's uniqueness. Portfolio companies may not achieve expected valuations.

Related Individuals

P. Bart Stephens - co-founder and managing partner of Blockchain Capital. Holds a B.A. in Political Science from Princeton University (specialization in information warfare and national security). Previously founded an internet company, co-founded and managed the hedge fund Stephens Investment Management (SIM), where he pioneered a "nanocap" investment strategy in 2002. Also served as Executive Vice President at Ivanhoe Capital Corporation. In 2012, he engaged in Bitcoin mining and participated in the Mastercoin ICO in 2013. Co-founder of Blockchain Capital and the originator of the first tokenized venture capital fund.

W. Bradford "Brad" Stephens - co-founder and managing partner. Holds a B.A. in Economics from Duke University. Worked at Fidelity Ventures and CSFB Technology Group. Contributed to early Ethereum validation: in 2014, he hosted Gavin Wood's presentation in his living room. Since then, he has overseen the venture investments of the funds.

Brock Pierce - co-founder (left the company around 2017). Former actor, known for the film "The Mighty Ducks," then founded the predecessor to Blockchain Capital - Crypto Currency Partners. Brought experience in the digital gaming economy (through the venture IGE). Participated in structuring early investments, including facilitating Jeffrey Epstein's purchase of a stake in Coinbase.

Aleks Larsen - General Partner.

Spencer Bogart - Partner.

Jason Di Piazza - Operating Partner since 2025; came from BlackRock and Farallon Capital, focusing on institutional capital raising.

Joshua Rivera - General Counsel.

Tony Schmidt - COO.

JoAnne Lauer - Director of Operations.

Zalia Aliriza - Controller.

Issuer and Related Organizations: The token was issued by Blockchain Capital TokenHub Pte. Ltd. (Singapore). Transfer agent functions are performed by Securitize (San Francisco). Fund administrator - Kranz & Associates, auditor - Deloitte.

Contests, Activities, and Hackathons on Our Platform

No contests, hackathons or marketing activities for this token have been published on Finkonkurs yet. New activities will appear here automatically once the team or partners launch them.

WhitePaper

The project's whitepaper is not a traditional technical document; instead, an Offering Memorandum was published in April 2017, describing the offering terms, risks, and economic structure of the token. Additional materials include a description of the Securitize DS Protocol used to wrap BCAP.

Link: not publicly available.