Polychain’s Assets Drop $376 Million Since August
That’s down considerably since the firm’s August 2018 filing, which showed $967.8 million in assets under management. That’s a loss in value of $376.4 million.
The Wall Street Journal was the first to report that the company was no longer a billion-dollar operation.
Polychain is one of the most elite funds serving startups in the crypto industry. Founded by Olaf Carlson-Wee, the first employee of Coinbase, Polychain was among the earliest funds to invest in tokens rather than companies, as CoinDesk reported in 2016.
Part two of the most recent form describes the company as managing five funds: Polychain Master Fund, Polychain Master Fund II, Polychain Ventures, Dfinity Ecosystem Fund and Polychain Opportunities Fund I.
The document acknowledges significant risks in investing in crypto assets, writing:
Polychain did not reply to multiple requests for comment.