Blockchain Capital was founded in 2013 by brothers Bart and Bradford Stephens, alongside Brock Pierce. In April 2017, it pioneered the world's first tokenised investment fund with the BCAP security token offering — a landmark in the history of both blockchain and traditional finance. BCAP raised approximately $10 million from over 850 investors across 80 countries. The firm has invested in over 100 blockchain companies across multiple funds. The BCAP token represents a fractional, non-voting economic interest in the Blockchain Capital III Digital Liquid Venture Fund (BC III DLVF), held through Blockchain Capital TokenHub Pte.
BCAP is a security token on zkSync representing beneficial ownership interests in BC III DLVF — a venture fund investing in blockchain technology companies and crypto assets across all stages. Unlike most crypto tokens, BCAP is explicitly a security token with regulatory compliance baked into its design. BCAP holders benefit economically from the underlying VC fund's performance — distributions, IPOs, or acquisitions of portfolio companies flow back through to BCAP holders proportionally. The token does not confer voting rights.
BCAP has approximately 9.11 million tokens in circulation at approximately $105.75 each, giving a market cap of approximately $964 million. Daily trading volume is effectively zero — BCAP is an illiquid security token. The $105.75 price reflects the assessed net asset value (NAV) of the BC III DLVF portfolio rather than speculative market pricing. BCAP reached its all-time high of $105.75 — essentially at NAV.
BCAP occupies a unique position as the longest-running tokenised VC fund. It has no direct competitor with the same vintage and track record. The tokenised fund category is growing (Janus Henderson JTRSY for government bonds, BlackRock BUIDL for money markets) but tokenised venture capital remains a niche institutional category.
Near-zero daily trading volume is the most important practical concern — BCAP cannot be easily bought or sold on any public exchange. The underlying VC portfolio consists of early-stage blockchain companies, many of which may fail or take years to provide returns. Brock Pierce, a co-founder, has faced various controversies over his career. Irish retail investors have no practical access to BCAP through normal crypto exchange routes.
BC III DLVF portfolio companies achieve significant exits (IPOs, acquisitions, token launches) generating distributions to BCAP holders, the tokenised VC fund category attracts mainstream institutional adoption, or Blockchain Capital launches new fund vehicles accessible through the BCAP structure.
VC portfolio underperforms, tokenised VC remains a niche institutional category without mainstream adoption, or liquidity remains near-zero preventing most holders from realising value.
We would become more positive if: major BC III DLVF portfolio companies achieve successful exits generating distributions, secondary market liquidity improves significantly, or a new tokenised fund vehicle launches with broader access. We would become more cautious if: portfolio performance deteriorates or key personnel depart.
Blockchain Capital BCAP is a genuinely historic product — the world's first tokenised venture capital fund, launched in 2017 when almost no one was thinking about security tokens. As an educational reference point for how traditional VC can be brought on-chain, it is important context. As an investment for Irish retail investors, it is practically inaccessible due to near-zero liquidity and institutional-only access requirements. Understanding BCAP matters more for understanding where tokenised finance is heading than for direct investment.
Liquidity note: BCAP has near-zero daily trading volume. It is not accessible through normal crypto exchange routes for Irish retail investors. Its market cap reflects the assessed VC portfolio NAV, not a freely-traded price. Understand it as an educational reference point for tokenised VC funds rather than a tradeable asset.