Blockchain Capital

Blockchain Capital's 2017 plan used TokenHub, a Singapore private company, to issue an Ethereum token. TokenHub would contribute the offering proceeds to Blockchain Capital III Digital Liquid Venture Fund and hold its sole limited-partnership interest. The wallet holder sat one layer farther away: BCAP represented a fractional, indirect, non-voting economic interest.

This was deliberately a security offering. Blockchain Capital described accredited U.S. participation under Rule 506(c) and non-U.S. sales under Regulation S. The SEC Form D records a $10 million sale beginning 2017-04-10, 745 investors and a $100 minimum. The filing also says the SEC had not reviewed or approved its accuracy.

BC III DLVF is a Cayman private fund excluded under Investment Company Act Section 3(c)(1). Its general partner, BC III DLVF GP, LLC, controls investment decisions. Token holders do not vote those decisions and do not own portfolio-company shares directly; their economics pass through TokenHub's fund interest.

The evergreen design originally recycled net returns into new investments. It also made value periodic and judgment-heavy: private holdings need fair-value estimates, liabilities and fees reduce assets, and realizations arrive irregularly. A NAV can summarize that accounting without creating either daily liquidity or a binding purchase offer.

This division makes BCAP unlike a self-executing protocol treasury: portfolio documents and manager records establish asset value, while the token and transfer-agent register establish which eligible investor holds the indirect claim.

On December 11, 2024, Blockchain Capital announced a distribution of $0.25 in USDC per token, with payment expected on January 28, 2025. It described this as the first dividend after earlier net returns had been reinvested. The announcement outlined a route for realized investment gains to reach holders, but does not itself establish that payment occurred. Nor did it promise a recurring schedule or guaranteed yield. RedStone’s May 2025 account instead places a completed dividend in December 2024, conflicting with the issuer’s expected January payment date. The reviewed sources contain no payment receipt resolving that chronology.

The same disclosure calls BCAP not redeemable. That sentence defines the exit boundary more clearly than a dashboard NAV: a holder cannot treat the reported value as cash owed on request. A sale, if available and permitted, depends on an eligible counterparty and market liquidity, so market price may diverge from administered valuation.

The December 2024 release announced a move from Ethereum to ZKsync. In May 2025, RedStone said BCAP had migrated in December 2024 and announced its valuation feed with Securitize. Cheaper settlement and machine-readable prices change where the security moves and how applications read it. They do not change the intermediary chain or add voting and redemption rights.

Securitize's SEC disclosure describes the other ledger behind the token: approved investors and wallets, transaction monitoring, whitelisting and authorized smart-contract permissions, alongside transfer-agent records, distributions and NAV administration. The private key controls signing, but the issuer and transfer-agent framework controls whether a securities transfer is recognized and allowed.