A new filing with the U.S. Securities and Exchange Commission (SEC) reveals that popular venture fund Polychain had $591.5 million in assets under management at the end of March.
That’s a significant decrease since the company’s filing in August 2018. The previous filing exhibited $967.8 million in assets under management. That’s $376.4 million loss in value.
The first to publish that the firm was no longer a billion-dollar operation was The Wall Street Journal through an April 9 report.
Polychain is one of the world’s premier funds catering to crypto startups. Founded by the first employee of Coinbase, Olaf Carlson-Wee, Polychain was among the earliest funds to back tokens instead of firms.
Part two of the filing pronounces the firm as managing five funds: Polychain Master Fund, Polychain Master Fund II, Dfinity Ecosystem Fund, Polychain Ventures, and Polychain Opportunities Fund I.
The document recognizes weighty risks in investing in crypto assets, saying:
“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.”