Blockchain Capital
BCAP#81BCAP is a security token representing a share in Blockchain Capital's venture fund, which invests in crypto companies.
Does not clear all 8 Shariah criteria. Needs caution: interest (riba), business model, excessive uncertainty (gharar), usage, and permissible ownership.
- 3 pass
- 5 caution
- 0 fail
Verdict history
- DoubtfulCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Blockchain Capital?8 Shariah criteria
3 pass · 5 caution · 0 failBCAP pays no fixed or promised return; holders share in fund gains, but whether the fund holds cash or convertible debt that earns interest is not disclosed.
Riba means interest or any guaranteed increase on a loan. BCAP is an equity-like interest in a venture fund: its value follows the fund's net asset value, and cash reaches holders only as distributions, such as $0.25 per token in USDC in January 2025. That payment was not a fixed rate and was not promised in advance, so it is a share of fund results rather than interest; the release does not say whether it came from realised exits.
The 1990 OIC Fiqh Academy resolution on bonds prohibits instruments that pay a predetermined return on a nominal value and names certificates with no predetermined return as the permitted alternative; BCAP does not fit the bond pattern. Two points keep this at caution: venture funds often hold convertible notes (loans that later convert to shares) and park cash in interest-bearing accounts, and no BCAP document reviewed here shows whether this fund does either. Interest earned by the companies the fund owns is assessed under business model.
BCAP is a claim on a real fund that owns stakes in operating companies and tokens, so it has an underlying asset rather than being an empty record.
Mal is property that Islamic law recognises as having value. BCAP is not an unbacked coin: it records a limited partner interest in Blockchain Capital III Digital Liquid Venture Fund, LP, which owns stakes in companies such as Securitize, Circle and Matter Labs, and ownership is kept by a regulated transfer agent (Securitize).
Tier-1 bodies that prohibit cryptocurrency, such as Egypt's Dar al-Ifta and Turkey's Diyanet, reason about unbacked digital currencies; Indonesia's MUI allows crypto that has an underlying and meets the conditions of a tradable good; and Malaysia's SC Shariah Advisory Council treats a digital token as property ('urudh) whose compliance depends on how its proceeds are used and on the rights attached. By these tests the question for BCAP is not whether it is property but whether what it owns is permissible, which is assessed under business model. The claim is real, though its value rests on the manager's valuation of mostly private holdings.
- Blockchain Capital to Raise its Third Fund via a Digital Token Offering (PR Newswire)
- Blockchain Capital's Pioneering Tokenized Fund Announces Dividend and Upgrades to ZKsync (PR Newswire)
- Resolutions of the Shariah Advisory Council of the SC — Digital Assets from Shariah Perspective (233rd and 234th meetings)
- Keputusan Ijtima' Ulama Komisi Fatwa se-Indonesia VII tentang Hukum Cryptocurrency - Majelis Ulama Indonesia
BCAP is a long-term fund share with almost no trading; nothing in it works like a bet.
Maysir is gambling: winning or losing by chance rather than through productive exchange. BCAP's value comes from the fund's investments in businesses, which is ordinary commercial risk, not a wager. There are no leveraged or chance-based features in the token, and speculative trading is minimal: CoinGecko reported $0 of 24-hour trading volume on 27 September 2026, and Etherscan showed one transfer of the Ethereum contract in the prior day. Venture investing is high-risk, and the reported value has swung sharply, but risk of loss in a real business is not maysir.
The fund earns from its holdings, and at least one named holding (Circle) lives almost entirely on interest income; the full portfolio and its weights are not disclosed.
For a fund, this criterion looks at what the fund owns and how those businesses earn. The manager's own fees (RWA.xyz lists 2.5% a year plus 25% of profits) are payment for managing the investments and are not a problem in themselves. The holdings are the issue. Blockchain Capital names Securitize, Circle and Matter Labs as BCAP portfolio companies, and the ZKsync announcement says the fund has invested substantial capital in ZKsync and Securitize, which earn from technology and service fees.
Circle's income is overwhelmingly interest: in Q4 2025 it reported $733 million of reserve income, which is interest earned on the reserves backing USDC, against $37 million of other revenue. The firm-wide portfolio also lists a lending protocol (Aave), exchanges (Kraken, Coinbase), another stablecoin issuer (Tether) and a prediction market (Polymarket), whose income includes interest, margin lending or betting-like activity, but the page does not say which fund holds them. Neither the issuer's site, the login-only shareholder portal, the 2017 Form D on SEC EDGAR nor RWA.xyz discloses the fund's holdings or their weights. Because of that, the share of impermissible income in the fund cannot be measured against the 5% (clearly impermissible) and 20% (disputed) thresholds. With a known interest-based holding and an unknown mix, the status is caution at the bottom of the band; a full holdings list could move it to fail.
The fund has an auditor and a regulated transfer agent, but its holdings, valuation method and fee terms are not public, and its reported value jumped sharply without a published explanation.
Gharar is excessive uncertainty or hidden information in a deal. Some safeguards exist: ownership is recorded by Securitize as transfer agent, and RWA.xyz lists Deloitte as auditor and Anchorage Digital and Coinbase Custody as custodians. But much is opaque to anyone outside the fund. The net asset value is the manager's valuation of mostly private companies; reports go to holders through a private portal rather than being published.
Reported values moved from a last trade of $5.10 in January 2025 and a market cap near $150 million in May 2025 to about $108 per token (about $967 million) in September 2026, and no public issuer document explaining the change was found. On Ethereum the token is an upgradeable proxy contract, so its code can be changed by its administrator, which is normal for regulated security tokens (the transfer agent must be able to freeze or reissue tokens) but adds reliance on the issuer. These are disclosed-to-holders gaps rather than hidden minting, so the status is caution, not fail.
BCAP is used only to hold and transfer a fund share; whether the tokenised asset is permissible depends on a portfolio that includes interest-based businesses.
This criterion looks at what the asset is actually used for. BCAP has one use: recording and transferring ownership of a venture fund interest, and receiving distributions. Tokenising a permissible asset would pass. Here the tokenised asset is a portfolio that includes at least one interest-based business (Circle) and possibly other disputed ones, so the usage inherits that mix. An oracle launched in May 2025 was meant to let DeFi lending markets accept BCAP as collateral, but no such market was found, so interest-based use of the token itself is not shown.
Fully paid ownership exists, but only for accredited or non-US investors, through Securitize, with almost no secondary trading.
This criterion asks whether the asset can be owned in a permissible way. BCAP is owned outright and fully paid, without leverage, and holders are recorded by the transfer agent. Access is narrow, though: the offering was limited to accredited and non-US investors under Regulation D and Regulation S, RWA.xyz lists a $20,000 minimum, and the only identified secondary venue is Securitize Markets, where the last listed trade before this review dates from January 2025 and daily volume is near zero. Permissible ownership is therefore available only through a limited route.
BCAP opened venture investing to small investors in many countries and has returned cash to them; no pattern of harm was found.
Maslahah weighs public benefit against harm. The benefit is concrete: venture funds normally need large commitments, while BCAP accepted amounts from $10 from over 850 investors in 80 countries, has paid a distribution and funds companies building financial infrastructure. No fraud, sanctions or abuse findings linked to the token were found. The main harms are to the holder: illiquidity and dependence on the manager's valuation. The portfolio's interest-based businesses are counted under business model, not again here.
How you can use it
Tap a card for the ruling and sourcesBuying BCAP with full payment and delivery is possible only for eligible (accredited or non-US) investors on Securitize Markets, where trading is very thin. Fully paid spot ownership is acceptable for a DOUBTFUL asset for those who follow the permissive view.
There is no ETF on BCAP. The token is itself an interest in a fund, and its structure is assessed under the criteria above.
BCAP is a restricted security and is not used for payments; tier-1 bodies such as Indonesia's MUI also rule that using crypto as currency is not permissible.
There is no staking for BCAP: it is a fund interest, not a proof-of-stake coin. Any product offering 'staking' of BCAP would need to be checked, as it would likely be lending in disguise.
No margin trading in BCAP was found, but margin trading is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
No BCAP derivatives were found; futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
A RedStone price feed launched in May 2025 was meant to let DeFi lending markets accept BCAP. Lending BCAP, or lending against it, for interest is riba.
No BCAP yield product was found. Fund distributions are a share of fund results, assessed under riba and business model; any vault or strategy built on lending BCAP would fail.
Scholars quotes
Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.If a digital token is backed by ribawi items, the trading of such digital token is subject to the Shariah requirements for trading of ribawi items.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.The bonds which represent a commitment to pay its amount along with an interest related to its nominal value or to a predetermined profit are prohibited in Shariah.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAs I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
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