# Why Ketju rejected Blockchain Capital (BCAP)

- URL: https://riadefi.com/rejections/blockchain-capital/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-17
- Next review: 2026-11-17

## The memo

REJECTED. BCAP is a tokenized, indirect fractional non-voting economic interest in Blockchain Capital III Digital Liquid Venture Fund, LP, an illiquid venture-capital fund, sold under Regulation D to a maximum of 99 US accredited investors (Investment Company Act Section 3(c)(1)) plus Regulation S offshore investors. There is no investor-initiated redemption right: the issuer may redeem tokens only at its own option, no earlier than the ten-year anniversary of the 2017 issuance — 2027 at the earliest — and secondary transfer is restricted to selling an entire position to a single buyer, enforced by Securitize's whitelist-only DS Protocol. DefiLlama's roughly $959M TVL figure is not locked, tradeable value; it is outstanding token supply times an oracle-fed NAV price that jumped from roughly $22-28 to roughly $106 per token in about three weeks in April-May 2026, with token supply essentially flat — a move far outside this fund's own single-digit-to-10% quarterly NAV history, most plausibly explained by a mark-to-market of the fund's stake in Securitize itself following Securitize's SPAC listing (down roughly 40% within a week of trading). None of this is suitable for an RIA's liquid crypto sleeve.

## What would reopen the file

- An investor-initiated redemption right exists, not solely an issuer option starting in 2027
- A confirmed, liquid, non-whole-position secondary market exists for retail-inaccessible accredited holders
- The April-May 2026 4x NAV repricing is independently explained and confirmed from a primary TokenHub report
- Fund concentration in any single underlying position, including Securitize itself, is disclosed and bounded

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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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