US Regulated Venture Fund ICO Finishes $10 Mln Sale in Six Hours
Blockchain Capital’s Digital Liquid Venture Fund (DLVF) has closed its ICO after just two days, having reached its target in record time.
Sales of the fund’s BCAP tokens was originally set to last one month starting April 10, but all $10 mln worth were already gone as of press time April 11. Tokens will be issued on May 10.
US Regulated Venture Fund ICO Finishes $10 Mln Sale in Two Days
“The collected funds will be invested into startups and companies from the blockchain sector, into equity of the companies and potentially tokens,” a press release from Blockchain Capital stated earlier this week.
It added the ICO “stands out of many as the token is offered under the US securities regulations.”
As such, the majority of investment likely came from sources outside the US, domestic residents being limited by regulatory compliance rules. Only investors with a net worth about $1 mln or an annual income of $200,000 could participate, subject to an overall cap of 99 investors. Non-US parties were not governed by such rules.
“With the Blockchain Capital token (ticker: BCAP), normal investors across the globe can now not only gain exposure to a VC fund for the first time ever, but also to the bitcoin and blockchain startup ecosystem,” DLVF Investment Leader Jeremy Gardner wrote in a blog post on April 8 prior to the ICO release.
“This is consequential, as there are no real publicly traded companies in this industry.”DLVF’s other investment team members include Bitcoin Foundation Board Chair Brock Pierce and analyst Spencer Bogart.