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Finance

Crypto Investor Protocol Ventures to Shutter and Return Cash: Report

Investors in the San Francisco-based fund of funds have reportedly lost as much as 90% over the past year.

By Oliver Knight
AccessTimeIconNov 3, 2022 at 2:32 p.m. UTC
Updated May 9, 2023 at 4:01 a.m. UTC
San Fransisco-based Protocol Ventures is reportedly shutting down. (Joonyeop Baek/Unsplash)
San Fransisco-based Protocol Ventures is reportedly shutting down. (Joonyeop Baek/Unsplash)

Feeling the squeeze of the crypto winter, Protocol Ventures is said to be closing down and returning investor cash in the first quarter of 2023, Bloomberg reported.

A so-called fund of funds, Protocol – which invested in Pantera, Multicoin Capital and BlockTower Capital among others – has lost as much as 90% over the past year, according to the report.

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    • Bitcoin has been stuck in the $20,000 area for months versus the year-ago level just above $69,000. Altcoins, meanwhile, are generally faring even worse, with many tokens losing more than 80% of their value over the same period.

    Protocol Ventures did not immediately respond to CoinDesk's request for comment.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter