Polychain's Assets Drop $376 Million Since August, SEC Filings Show

A new filing with the U.S. Securities and Exchange Commission (SEC) shows that prominent venture fund Polychain had $591.5 million in assets under management at the end of March.

That's down considerably since the firm's August 2018 filing, which showed $967.8 million in assets under management. That's a loss in value of $376.4 million.

The Wall Street Journal was the first to report that the company was no longer a billion-dollar operation.

Polychain is one of the most elite funds serving startups in the crypto industry. Founded by Olaf Carlson-Wee, the first employee of Coinbase, Polychain was among the earliest funds to invest in tokens rather than companies, as CoinDesk reported in 2016.

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of the most recent form describes the company as managing five funds: Polychain Master Fund, Polychain Master Fund II, Polychain Ventures, Dfinity Ecosystem Fund and Polychain Opportunities Fund I.

The document acknowledges significant risks in investing in crypto assets, writing:

Polychain did not reply to multiple requests for comment.

Photo of Polychain's Chase Lochmiller via CoinDesk archives