What is BCAP? Tokenized Venture Capital Fund Securities
BCAP is an abbreviation for Blockchain Capital Token. It is not a native token used to run a blockchain, but rather a tokenized venture capital fund security. BCAP tokens represent an indirect, fractional, non-voting economic interest in Blockchain Capital III Digital Liquid Venture Fund LP, an evergreen venture fund. This design aims to transform fund ownership into a digital, holder-owned asset while ensuring compliance with relevant securities regulations.
Issuance Background and Regulatory Compliance
BCAP is issued by Blockchain Capital TokenHub Pte. Ltd. Blockchain Capital, founded in 2013, is a venture capital firm focused on blockchain technology and cryptocurrency projects. In April 2017, the company launched its first tokenized fund (with a size of $10 million) and created BCAP, a pioneering security token. BCAP's tokenomics were designed with full consideration for regulatory compliance; its smart contract, audited in 2017, implemented a "central bank" model where a designated issuer account effectively controls the circulating supply.
Underlying Fund and Investment Portfolio
The value of BCAP tokens is derived from the performance of its underlying fund – Blockchain Capital III Digital Liquid Venture Fund. This fund actively invests in startups in the blockchain and cryptocurrency sectors, with its investment portfolio including many major industry players such as well-known cryptocurrency exchanges Coinbase and Kraken, and decentralized lending protocol Aave, among others.
Market Performance and Data Overview
As of late October 2026, the price of BCAP tokens is approximately $105, with a market capitalization of about $960 million. Its circulating supply is approximately 9.11 million BCAP, and the total supply is 9,112,111 BCAP. The token's all-time high price reached $108.18 (October 2, 2026), and its all-time low was $17.76 (June 2, 2025). At its initial offering, the target fundraising was $10 million, with each token priced at $1.00.
Core Team and Advisors
Blockchain Capital boasts an experienced team. Co-founders and managing partners include Bart Stephens and Bradford Stephens, with Brock Pierce also being a co-founder. Core team members also include Partner Spencer Bogart, Bitcoin researcher Jimmy Song, Director of Operations JoAnne Lauer, and CFO Zalia Aliriza, among others.
Additionally, Blockchain Capital has a roster of well-known industry figures serving as advisors, including Mike Novogratz, CEO of Galaxy Investment Partners, LLC; Gavin Wood, Ethereum co-founder and founder/CTO of Parity; and Charlie Lee, Litecoin founder and Director of Engineering at Coinbase.
Market View and Value Assessment
BCAP is regarded by the industry as a pioneering security token connecting traditional venture capital with blockchain technology. Its value primarily stems from the performance of the underlying fund, as well as the issuer's ability to provide compliant holding, transfer, and distribution of tokens through custody, compliance, and market access infrastructure. Some views suggest that when evaluating BCAP, it should be considered a managed instrument operating within evolving compliance boundaries, rather than a protocol token with stable rules.
Trading and Liquidity
According to recent data, the 24-hour trading volume for BCAP tokens is $0.00. This indicates that the token no longer has an active trading market and lacks effective transactions. Currently, there are no reliable active trading channels for this token.
