The venture capital investment in the cryptocurrency market has grown significantly, and more and more investors are pouring into this field. In this context, it becomes crucial to understand the major VC funds and their positions and valuations in the cryptocurrency market. This article will introduce several top VC funds and their recent positions in the cryptocurrency market.
Jump Crypto
On-chain valuation: $3.675 billion
• $3.9 billion in ETH;
• $55.75 million in SHIB;
• $21.5 million in LDO;
• $18.5 million in MATIC;
• $15 million in AVAX;
• $11.7 million in PENDLE.
Other holdings ($1 million – $5 million): JOE, AAVE, LINK, UNI. Jump Crypto is a market maker, profiting from providing liquidity on various exchanges.
Paradigm
On-chain valuation: $358 million
• $195 million in ETH;
• $163 million in LDO.
Paradigm previously held $10.5 million worth of MKR, but it appears to have been sold on March 16th this year. Paradigm is the largest holder of LDO, with 70 million tokens held in their wallet.
According to Token Terminal, they are about to complete a $100 million LDO financing, 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 in COMP;
• $4 million in APE;
• $4 million in MANA;
• $4 million in GRT;
• $4 million in SAND;
• $3 million in CRV.
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 in COMP;
• $3 million in MKR.
a16z holds over 4% of the UNI supply, granting them enough governance power to individually veto proposals.
Wintermute
On-chain valuation: $230 million
• $54 million in ARB;
• $47 million in OP;
• $32 million in DYDX;
• $17 million in ETH;
• $10 million in wBTC;
• $8.5 million in HFT;
• $7 million in LDO;
• $5 million in FTM.
Wintermute is also a market maker, working with the Arbitrum and Optimism teams. They managed over $4 billion in assets in 2021.
DragonFly Capital
On-chain valuation: $155 million
• $46 million in LDO;
• $45 million in stablecoins;
• $26 million in ETH;
• $23 million in BGB;
• $7 million in FXS;
• $6.7 million in RBN (of which $1.7 million is still unlocking);
• $1.5 million in DYDX.
Smaller positions include COMP, RNDR, and MATIC. DragonFly is one of the main investors in Lido, but sold around $15 million 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: $82 million
• $21.3 million in ETH;
• $20 million in MATIC;
• $17.3 million in AAVE;
• $15 million in UNI;
• $3 million in 1INCH;
• $2.3 million in NXM;
• $1 million in SUSHI.
Blockchain Capital sold around $5.1 million worth of RPL on April 11, which was their entire on-chain holding (acquired in 2021/2022).
Spartan Group
On-chain valuation: $4.97 million
• $13 million in USDC;
• $3.8 million in ETH;
• $2.7 million in LDO;
• $2.7 million in DYDX;
• $2.7 million in CVX;
• $1 million in RBN (of which $600,000 is unlocking);
• $700,000 in PENDLE.
Defiance Capital
On-chain valuation: $47 million
• $18 million in USDC;
• $16 million in LDO;
• $3.2 million in ETH;
• $3.1 million in DODO;
• $3 million in AAVE;
• $1.8 million in stablecoins.
Their investment portfolio also includes JOE, DYDX, LayerZero, Arbitrum, etc., but cannot be traced on-chain.
Please note that this is only a portion of VC investment portfolios as we don’t know all of their wallets and off-chain assets on non-EVM chains.
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