Polychain Capital

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Polychain Capital LP
Company type Private
Industry Investment management
Founded2016;9 years ago (2016) [1] [2] [3]
Founder Olaf Carlson-Wee
Headquarters San Francisco, California, U.S. [4]
Products Hedge Funds
Venture Capital
AUM US$5 billion (2024) [4]
Number of employees
32 (2024) [4]
Website Official website

Polychain Capital LP, doing business as Polychain, is an American investment firm based in San Francisco, California. [4] The firm focuses on investments related to cryptocurrency and blockchain technology. [1] [2]

Contents

Background

Polychain Capital was founded in 2016 by Olaf Carlson-Wee. [1] [2] [3] [5] [6] Prior to founding Polychain, Carlson-Wee was an employee of Coinbase where he was Head of Risk. [1] [2] [5]

Investors of Polychain include Andreessen Horowitz, Sequoia Capital, Union Square Ventures and Founders Fund. [3] [5] [6] [7]

In January 2018, the firm considered holding an initial public offering on the Toronto Stock Exchange to raise $325 million but eventually decided not to proceed with it. [6]

The firm claimed $1 billion assets at the start of 2018 but dropped to $591.5 million as of the end of 2018, majorly due to the drop in the value of its holdings. [8] [9]

In May 2024, Polychain made large payouts to Investors from two of its venture capital funds. [10]

Companies that Polychain Capital has invested in include Coinbase, Kik Messenger [11] and Tezos. [12] [13]

See also

References

  1. 1 2 3 4 "Bitcoin Will Never Be a Currency—It's Something Way Weirder". Wired.
  2. 1 2 3 4 Chernova, Yuliya (December 9, 2016). "Polychain's Blockchain Hedge Fund Gets Backed by Andreessen, USV". Wall Street Journal.
  3. 1 2 3 Copeland, Rob (September 11, 2018). "Olaf Carlson-Wee Rode the Bitcoin Boom to Silicon Valley Riches. Can He Survive the Crash?". Wall Street Journal.
  4. 1 2 3 4 "Form ADV" (PDF). SEC.
  5. 1 2 3 Chernova, Yuliya. "Polychain's Blockchain Hedge Fund Gets Backed by Andreessen, USV". WSJ. Retrieved December 26, 2022.
  6. 1 2 3 "Crypto Hedge Fund Polychain Says It Won't Proceed With IPO". Bloomberg.com. January 29, 2018. Retrieved May 15, 2021.
  7. "Has Crypto's Crown Prince Finally Grown Up?". Fortune. Retrieved May 15, 2021.
  8. Chernova, Yuliya (April 12, 2019). "Crypto Fund Polychain's Assets Drop 40% From $1 Billion Mark". Wall Street Journal. ISSN   0099-9660 . Retrieved September 1, 2021.
  9. "Polychain Becomes First $1 Billion Crypto Fund: What Happens Now? | Fortune". July 1, 2018. Archived from the original on July 1, 2018. Retrieved December 26, 2022.
  10. Weeks, Ryan (May 10, 2024). "Crypto VC Firm Polychain Makes Payouts to Investors in Two Funds". Bloomberg News. Retrieved January 14, 2025.
  11. "Kik raises $50 million ahead of token sale for its cryptocurrency Kin". VentureBeat. August 29, 2017. Retrieved September 1, 2021.
  12. Vigna, Paul (February 1, 2018). "Bitcoin Brawl: A New Twist In Tezos's $232 Million Coin Offering". Wall Street Journal. ISSN   0099-9660 . Retrieved September 1, 2021.
  13. Cryptoboomz (August 1, 2025). "Polychain Capital – Top Blockchain Venture Fund". Cryptoboomz. Retrieved August 1, 2025.