This article takes a look at some of the top VC funds and their recent positions in the cryptocurrency market.
Written by: Thor Hartvigsen
Compilation: Deep Tide TechFlow
Venture capital investment in the cryptocurrency market has grown significantly, with more and more investors pouring into the space. In this context, understanding the major VC funds and their positions and valuations in the cryptocurrency market becomes crucial. This article takes a look at some of the top VC funds and their recent positions in the cryptocurrency market.
Jump Crypto
On-chain valuation: $3.675 billion:
• $3.9 billion in ETH;
(Shenchao Note: The valuation of ETH in the original post should be a clerical error. The data shows that it should be around 3.4 billion. Adding the valuation of other tokens below, it is exactly equal to around 3.6 billion)
• $55.75 million SHIB;
• $21.5 million LDO;
• Matic for $18.5 million;
• $15 million for AVAX;
• $11.7 million PENDLE.
Other positions ($1M-5M):JOE , AAVE, LINK, UNI. Jump is a market maker that makes money by providing Liquidity on various exchanges.
Paradigm
On-chain valuation: $358 million:
• $195 million in ETH;
• $163 million LDO.
Paradigm once held $10.5 million worth of MKR, but it appears to have been sold on March 16 of this year. Paradigm is the largest holder of LDO , holding 70 million tokens in their wallets.
According to Token Terminal , they are close to completing the financing of 100 million LDO , which means they will hold $225 million worth of LDO tokens (more than 10% of the Circulating Supply).
Genesis Trading
On-chain valuation: $300 million:
• $252 million in ETH;
• $5 million COMP;
• $4 million in Ape;
• USD 4 million in MANA;
• $4 million in GRT;
• $4 million in SAND;
• CRV of $3 million.
Genesis filed for bankruptcy in January and may be forced to sell the listed assets in the future.
a16z
On-chain valuation: $241 million:
• $225 million in UNI;
• $13 million COMP;
• $3 million in MKR.
a16z holds over 4% of the UNI supply, granting them sufficient governance power to reject proposals individually.
Wintermute
On-chain valuation: $230 million:
• $54 million ARB;
• $47 million OP;
• $32 million in DYDX;
• $17 million in ETH;
• $10 million in wBTC;
• $8.5 million in HFT;
• $7 million LDO;
• $5 million FTM.
Wintermute is also a market maker and is working with the Arbitrum and Optimism teams. They manage over $4 billion in assets in 2021.
DragonFly Capital
On-chain valuation: $155 million:
• $46 million LDO;
• $45 million in Stablecoin;
• $26 million in ETH;
• $23 million in BGB;
• $7 million in FXS;
• $6.7 million in RBN (of which $1.7 million is still unlocked);
• $1.5 million in DYDX.
Smaller positions include COMP, RNDR and Matic. DragonFly was one of Lido's lead investors, but had sold about $15m worth of LDO in March/April.
The fund also recently sold $10 million worth of Matic and $6 million worth of AAVE.
Blockchain Capital
On-Chain Valuation: $82M:
• $21.3 million in ETH;
• $20 million Matic;
• $17.3 million in AAVE;
• $15 million for UNI;
• 1INCH of USD 3 million;
• $2.3 million in NXM;
• $1 million in SUSHI.
Blockchain Capital sold ~$5.1m worth of RPL on April 11th, which was their entire on-chain holdings (purchased in 2021/2022).
Spartan Group
On-chain valuation: $4.97 million:
• 13 million USDC;
• $3.8 million in ETH;
• $2.7 million LDO;
• $2.7 million in DYDX;
• $2.7 million in CVX;
• $1 million in RBN (of which $600,000 is being unlocked);
• A $700,000 PENDLE.
Defiance Capital
On-Chain Valuation: $47M:
• 18 million USDC;
• $16 million LDO;
• $3.2 million in ETH;
• $3.1 million DODO;
• $3 million in AAVE;
• $1.8 million in Stablecoin.
Their portfolio also includes JOE, DYDX, LayerZero , Arbitrum , etc., but cannot be traced on-chain.
Note that this is only part of the VC's portfolio, as we don't know all of their wallets and assets on non-EVM chains.
