KETJU Research

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Tokenized real-world assets

Blockchain Capital (BCAP)

Rejected The evidence weighs against it
Issued
2026-09-23
Last confirmed
2026-09-23
Next check due
2026-12-23
Research basis
Individual research
Chains
Ethereum · No freeze key
Symbols
BCAP
Eligibility file
What the holder owns and who may hold it

BCAP is a token for an indirect, non-voting economic interest in Blockchain Capital III Digital Liquid Venture Fund, LP, a Cayman venture fund with no end date. A Singapore company, Blockchain Capital TokenHub Pte. Ltd., sold 10 million tokens at $1.00 in April and May 2017 and put the money into the fund as its only limited partner. The offering closed then and the fund admits no new partners, so no one can subscribe today. A buyer must find a holder: up to 99 U.S. accredited investors may hold it, and a U.S. holder may sell to a U.S. person only by selling every token to one buyer; everyone else must be a non-U.S. person buying offshore. Holders cannot redeem. The fund may redeem at NAV after the ten-year mark in May 2027, if it chooses, and it may at any time force out a holder whose status worries it, at the lowest of 70% of market price, NAV, or what three months of liquidation would raise. It has announced one return of capital, $0.25 a token in USDC for January 2025; any other return is a buyback at its discretion. The $978 million market cap on CoinGecko is not a market. It is $107.53, a per-token value Securitize publishes through a RedStone feed, times about 9.09 million tokens, and CoinGecko lists no trading venue and no volume. That value sat near $23 from mid-November 2025 through March 2026, then jumped to $83.06 by April 7 and $105.75 by May 1 with supply flat. No NAV report explaining the jump was found, and the fund’s Securitize stake, 1,613,818 shares, is far too small to account for about $750 million. The memorandum makes the manager’s valuations final and gives holders no right to audit them. One ordinary Securitize key owns the token on ZKsync and on Ethereum, the same key that owns ACRED, STAC, and VBILL; the contracts can be upgraded, paused, and made to take back tokens. The assessment is adverse: the holder gets a venture fund’s risk and a 2.5% fee with 25% carry, no exit, and a price no trade has tested.

The research file

What the holder owns

The 2017 offering memorandum says each token “represents an indirect fractional non-voting economic interest in BCTH’s sole asset, the sole limited partnership interest in BC III DLVF.” The holder owns nothing in the fund directly. The Singapore company is the fund’s only limited partner; the general partner, BC III DLVF GP, LLC, runs the fund; Blockchain Capital, LLC manages it. Tokens carry no vote, no distribution right, and no liquidation right; in a bankruptcy the memorandum promises only “best efforts” to pass proceeds on. The fund was formed in April 2017 to buy seed and Series A stakes and tokens in blockchain companies, typically $100,000 to $1,000,000 a round, and to reinvest at least half of what it realizes.

The manager charges 2.5% of NAV a year, paid quarterly in advance, and takes 25% of realized gains, net of realized losses and unrealized write-downs. The 2017 offering costs were billed to the fund and written off over four years.

Who may hold, and how a holder sells

The memorandum offered the tokens inside the United States to up to 99 accredited investors under Regulation D and to non-U.S. persons offshore under Regulation S. The only Form D on EDGAR, filed 2017-04-20 by the Singapore company, claims Rule 506(c) and the section 3(c)(1) exclusion, reports 745 investors and $10,000,000 sold, and states a $100 minimum. No Form D/A was ever filed. The memorandum set $20,000 as the minimum for buyers paying in dollars and none for bitcoin or ether; the December 2024 release says 850 investors from 80 countries put in from $10 to nearly $1 million.

U.S. buyers had to keep their tokens on TokenHub for a year. After that, a U.S. holder may not sell to a U.S. person “unless they sell all of their BCAP Tokens to a single U.S. Person”; a non-U.S. holder may sell only to non-U.S. persons offshore. Securitize’s DS Protocol contract checks every transfer against its investor registry, so an unregistered wallet cannot receive the token. To keep U.S. holders at 99 or fewer, the fund may force a redemption, and in any redemption U.S. holders not picked among the 99 “will not receive any funds.”

How money gets out

The tokens have “redemption rights only for BCTH.” After ten years from the May 2017 issue, the fund may redeem some or all tokens at NAV on 30 to 60 days’ notice, paid in ether or another liquid cryptocurrency. It is not obliged to: the fund “has no fixed termination date and is under no obligation to redeem the BCAP Tokens at any time.” It may also, at any time, redeem a holder whose status may cause “regulatory concern” at the lowest of 70% of market price, NAV, or the funds three months of liquidation would raise; that is a forced exit that can be priced below NAV. It may buy tokens back when the market price falls below 75% of NAV, or make a fixed-price offer on 30 days’ notice, both at its discretion.

In December 2024 Blockchain Capital announced a distribution of $0.25 a token in USDC, expected on January 28, 2025, and said earlier returns had all been reinvested. The same release says the tokens “are not redeemable.” CoinGecko lists no exchange and no volume for BCAP on 2026-09-23, so no secondary market was found either.

What the $978 million figure is

CoinGecko’s market cap on 2026-09-23 was $977.7 million: a price of $107.53 times 9,091,942 circulating tokens, with zero volume and no listed market. The same $107.53 is the RedStone BCAP_FUNDAMENTAL feed, which names Securitize’s API as its source. It is a value the fund’s token agent publishes, not a price anyone paid. The memorandum says the manager values private holdings from cost, recent rounds, and comparables, that its values “will be final and conclusive,” and that no holder may audit them.

The value held between $22 and $29 from July 2025 through March 2026; Securitize’s August 2026 prospectus counts about $209 million of the fund on its platform in December 2025, which matches. DefiLlama’s record then shows $22.89 on 2026-03-30, $83.06 on 2026-04-07, and $105.75 on 2026-05-01, while supply stayed near 9.1 million. That added about $750 million to the fund’s stated value in a month. The earlier memo traced it to the fund’s stake in Securitize after its listing; the prospectus puts that stake at 1,613,818 shares, which would each have to be worth about $465 to explain the jump, and the value did not fall when Securitize’s stock fell about 40% in July. The cause is unknown. The memorandum promised quarterly public NAV reports on TokenHub; no current report was found.

Who controls the token

Blockchain Capital moved the token to ZKsync Era in December 2024, with Securitize running the move. The ZKsync contract, 0x57fd71a86522dc06d6255537521886057c1772a3, is an upgradeable Securitize DSToken whose source is verified on the Matter Labs explorer. It held 9,010,097.21 tokens on 2026-09-23, and one address, 0x8f13…9e33, held 7,125,923.69 of them, 79%. The Ethereum contract, 0x8347fffb3abeb2fae5c21b09e983bdefa1a047dc, still holds 102,177.63 tokens.

On both chains the owner is 0x59c1eacec450c57dcb9b8725d0f96635c2b676ee, an ordinary single-signature address that also owns the ACRED, STAC, and VBILL contracts. The owner issues tokens and can upgrade the contract. The verified code can pause transfers, burn from any holder, and issue tokens without compliance checks. On Ethereum the linked lock manager can lock an investor in place, and the wallet registrar belongs to another single key, 0x28e39c2d…b3fd. On ZKsync the lock manager’s code is not verified, so freeze is unread there. These powers let Securitize keep the register; they also mean the register is only as safe as those keys. The memorandum named TokenHub’s database as the record; no document read says which record governs now.

Record

BCAP was among the first tokenized funds, sold in 2017, later moved onto Securitize’s DS Protocol, and moved to ZKsync in 2024. No hack, frozen account, or forced redemption was found in the documents read. That is a limited finding: the fund has never redeemed, its reports are not public today, and its value has not been tested by a trade.

Comparison and decision

Against the tokenized Treasury and credit funds in this registry, BCAP offers no subscription, no redemption, and no published NAV report. Against an ordinary venture fund interest, it gives the holder less: no vote, no distribution right, no right to audit, a forced-exit clause priced below NAV, a whole-position rule for U.S. sales, and a register held by one Securitize key. The only liquidity in view is the ten-year optional redemption, which the fund need not use. That is an adverse assessment. An accredited client may legally hold it, which is why model-client eligibility is recorded as eligible with conditions. It reopens if the fund redeems at NAV, publishes an audited NAV that explains the 2026 jump, or a venue trades it.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.

ChainVerdictControlControl constraint
EthereumApproved No freeze key No sequencer, no upgrade key, no operator who can be compelled. Rule changes require social consensus.
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