Records with the U.S. Securities and Exchange Commission (SEC) demonstrate that conspicuous venture fund Polychain had $591.5 million in resources under management towards the end of March. SEC filings report massive drop in Polychain’s assets.
The firm’s August 2018 filing reported $967.8 million in assets under management. The loss of $376.4 million in value is quite considerable!
The first to report that the company was no longer a billion-dollar operation was The Wall Street Journal.
SEC filings report massive drop in Polychain’s assets. Founded by Olaf Carlson-Wee, who was also the first employee of Coinbase, Polychain was one of the earliest funds to invest in tokens rather than companies. This information was reported by CoinDesk in 2016. Polychain grew to be an elite fund serving startups in the crypto industry.
Section two of the latest form portrays the organization as overseeing five funds:
- Polychain Master Fund
- The Polychain Master Fund II
- Also, Polychain Ventures
- Dfinity Ecosystem Fund
- Polychain Opportunities Fund I
“There is no assurance that digital assets will maintain their long-term value in terms of purchasing power in the future, or that acceptance of digital asset payments by mainstream retail merchants and commercial businesses will grow.”
Despite receiving numerous requests for comments, Polychain did not respond.