Blockchain Capital

BCAP is a security token representing a share in Blockchain Capital's venture fund, which invests in crypto companies.

BCAP is a digital token that represents an interest in Blockchain Capital III Digital Liquid Venture Fund, LP, a venture capital fund run by the crypto investment firm Blockchain Capital. It was sold in April 2017 at $1 per token and is often described as the first tokenised venture fund. It is a security, not a cryptocurrency: its value depends on the companies and tokens the fund owns.

The offering used US securities exemptions (Regulation D Rule 506(c) and Regulation S), so only accredited investors and non-US investors could buy. Blockchain Capital says over 850 investors from 80 countries took part. Securitize keeps the ownership records, and trading takes place on Securitize Markets, where activity is very thin.

The fund invests in blockchain companies, protocols and tokens; Blockchain Capital names Securitize, Circle and Matter Labs as holdings but does not publish the full portfolio. In January 2025 it paid holders $0.25 per token in USDC, and in December 2024 it moved the token from Ethereum to ZKsync Era. Data site RWA.xyz reported a net asset value of about $108 per token (about $967 million in total) on 27 September 2026, up from much lower values in 2025.