Summary
Ketju does not approve BCAP: holders cannot redeem, no market trades the token, and the $978 million value on CoinGecko is a figure the fund’s token agent publishes and no trade has tested. 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. The manager charges 2.5% of NAV a year and takes 25% of realized gains. The published value sat near $23 from mid-November 2025 through March 2026. It then rose to $83.06 by April 7 and $105.75 by May 1, with supply flat. We found no NAV report that explains the rise. One ordinary Securitize key owns the token on ZKsync and on Ethereum. That key can upgrade the contracts, pause them and take back tokens.
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
Facts
- Verdict
- Not approved
- Type
- Tokenized real-world assets
- Chains examined
- ZKsync Era, Ethereum
- Instruments
- BCAP
- Reviewed
- Last confirmed