# Ketju research: Blockchain Capital (BCAP)

- URL: https://riadefi.com/rejections/blockchain-capital/
- Verdict: rejected
- Type: Tokenized real-world assets
- Reviewed: 2026-09-23
- Last confirmed: 2026-09-23

## Research summary

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.

## Observable review triggers

- The fund gives notice of an optional redemption at NAV, a regulatory redemption, a buyback, or a fixed-price offer
- A NAV report is published that explains the April and May 2026 repricing
- A trading venue lists BCAP, or CoinGecko records volume against it
- A second distribution is announced, or the fund states a distribution policy
- The owner key, proxy implementation, compliance service, lock manager, or wallet registrar on ZKsync or Ethereum changes
- The published value moves more than 25% between weekly readings
- Any hack, frozen account, forced redemption, or loss of principal

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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