Polychain Capital's holdings dips well below $1B mark

Investments • April 11, 2019, 11:42AM EDT
UPDATED: April 11, 2019, 3:56PM EDT
The Block

Polychain Capital saw its assets under management drop to $591.5 million in Q4 2018 from its $1 billion peak, the Wall Street Journal reported.

The paper cited sources who say the decline is due to a fall "in the value of its holdings" due to the bear market "rather than [] redemptions by investors." It added that while the San Francisco hedge fund saw a 39% dip between April and December, this paled in comparison to the estimated 70% drop throughout the crypto market over the same timeframe.

In December of last year, The Block reported that Ryan Zurrer, a founding principal of Polychain Capital was fired. Following his departure, Zurrer has chosen to advise firms, including Polkadot, a Polychain-backed blockchain project.

A Polychain spokesperson declined to comment.

AUTHOR

Isabel Woodford

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.

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