Blockchain Capital
BCAP
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
BCAP represents Blockchain Capital's tokenized venture fund security (Blockchain Capital III Digital Liquid Venture Fund, LP), restricted to accredited investors via Securitize. From a team and governance perspective, the project benefits from an established, highly credible management team with continuous operation since 2013 and recent positive operational milestones, including a $0.25-per-token USDC dividend distribution in January 2025. However, the token suffers from fundamental structural limitations as a retail crypto investment: it operates under a centralized issuer-controlled model with unilateral mint and freeze capabilities, lacks publicly verifiable independent audits and reserve attestations, possesses virtually zero secondary trading liquidity, and has no public community governance. No qualifying red-flag events (exploits, defaults, or regulatory enforcement actions) were identified; its low score is driven by deliberate institutional restrictions, extreme illiquidity, and lack of on-chain transparency.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Blockchain Capital (BCAP)
BCAP is a regulated tokenized venture fund security representing an indirect economic interest in the Blockchain Capital III Digital Liquid Venture Fund, LP. Originally issued on Ethereum in May 2017 by Blockchain Capital TokenHub Pte. Ltd. via Securitize (CUSIP 09368B102), the token underwent a chain migration to ZKsync Era. The asset functions as a digital wrapper designed to provide accredited investors with fractional economic exposure to venture capital holdings managed by Blockchain Capital, a firm operating since 2013 under founders Bart and Brad Stephens.
The token represents an underlying net asset value (NAV) of approximately $956.8 million, with a circulating supply of roughly 9.1 million tokens reflecting a NAV-linked price around $106 per token. BCAP operates under a traditional fund structure rather than a decentralized protocol, maintaining an operational shareholder portal and executing programmatic distributions, including a $0.25-per-token USDC dividend distributed to holders in January 2025.
The project incorporates significant governance and market structure limitations typical of permissioned real-world asset (RWA) securities. The smart contract utilizes a centralized model where a privileged issuer address maintains unilateral minting and transfer-freezing capabilities without on-chain token-holder voting or DAO governance. Additionally, an OpenZeppelin audit flagged unilateral control and opacity in supply accounting. BCAP lacks publicly verifiable independent security audits and public reserve attestations, relying on issuer-reported accounting. The token is restricted to roughly 634 accredited, KYC-verified investors, resulting in near-zero secondary trading volume and functionally illiquid market conditions.