Polychain Capital is at the vanguard of cryptocurrency investing, attracting backers from prominent ventures capital firms like Andreessen Horowitz, and betting on companies that might define the next generation of blockchain. Earlier this year, Polychain became the first crypto fund with more than $1 billion in assets under management, according to a regulatory filing.
That figure is from February and comprises cryptocurrency assets, equity in companies and unspent cash pledged from investors. (The total may have dipped below $1 billion in recent months given how the price of Bitcoin and other cryptocurrencies have fallen since February. The total could also have increased, in part because the fund is still taking new investments).
Olaf Carlson-Wee, the founder and CEO of Polychain, is relentlessly upbeat about not just Polychain but the state of the blockchain industry and what’s coming next. This is unsurprising given that he’s a man who believes in Bitcoin so much that he once spent years trying to live off it.