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Polychain Capital

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Polychain Capital LP
TypePrivate
IndustryInvestment management
Founded2016; 10 years ago (2016)[1][2][3]
FounderOlaf Carlson-Wee
HeadquartersSan Francisco, California, U.S.[4]
ProductsHedge Funds
Venture Capital
AUMUS$5 billion (2024)[4]
Number of employees
32 (2024)[4]
WebsiteOfficial website

Polychain Capital LP, doing business as Polychain, is an American investment firm based in San Francisco, California.[4] The firm focuses on investments related to cryptocurrency and blockchain technology.[1][2]

Background

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Polychain Capital was founded in 2016 by Olaf Carlson-Wee.[1][2][3][5][6] Prior to founding Polychain, Carlson-Wee was the first employee at Coinbase where he was Head of Risk.[1][2][5]

Polychain initially operated as a hedge fund focus on blockain-based digital tokens.[7][8]

Investors of Polychain include Andreessen Horowitz, Sequoia Capital, Union Square Ventures and Founders Fund.[3][5][6][9]

In January 2018, the firm considered holding an initial public offering on the Toronto Stock Exchange to raise $325 million but eventually decided not to proceed with it.[6]

The firm had more than $1 billion in assets under management in early 2018 but its assets declined to $591.5 million as of the end of that year, mainly because of a drop in the value of its holdings.[10][11]

In May 2024, Polychain made distributions from two of its venture capital funds, including 44% of Polyventures II, a fund that had raised about $300 million in 2019.[12]

Companies that Polychain Capital has invested in include Coinbase, Kik Messenger[13] and Tezos.[14][15]

See also

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References

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  1. 1 2 3 4 "Bitcoin Will Never Be a Currency—It's Something Way Weirder". Wired.
  2. 1 2 3 4 Chernova, Yuliya (December 9, 2016). "Polychain's Blockchain Hedge Fund Gets Backed by Andreessen, USV". Wall Street Journal.
  3. 1 2 3 Copeland, Rob (September 11, 2018). "Olaf Carlson-Wee Rode the Bitcoin Boom to Silicon Valley Riches. Can He Survive the Crash?". Wall Street Journal.
  4. 1 2 3 4 "Form ADV" (PDF). SEC.
  5. 1 2 3 Chernova, Yuliya. "Polychain's Blockchain Hedge Fund Gets Backed by Andreessen, USV". WSJ. Retrieved December 26, 2022.
  6. 1 2 3 "Crypto Hedge Fund Polychain Says It Won't Proceed With IPO". Bloomberg.com. January 29, 2018. Retrieved May 15, 2021.
  7. ↑ Metz, Cade. "Bitcoin Will Never Be a Currency—It's Something Way Weirder". Wired. ISSN 1059-1028. Retrieved June 30, 2026.
  8. ↑ Chernova, Yuliya (December 9, 2016). "Polychain's Blockchain Hedge Fund Gets Backed by Andreessen, USV". Wall Street Journal. ISSN 0099-9660. Retrieved June 30, 2026.
  9. ↑ "Has Crypto's Crown Prince Finally Grown Up?". Fortune. Retrieved May 15, 2021.
  10. ↑ Chernova, Yuliya (April 12, 2019). "Crypto Fund Polychain's Assets Drop 40% From $1 Billion Mark". Wall Street Journal. ISSN 0099-9660. Retrieved September 1, 2021.
  11. ↑ "Polychain Becomes First $1 Billion Crypto Fund: What Happens Now? | Fortune". July 1, 2018. Archived from the original on July 1, 2018. Retrieved December 26, 2022.
  12. ↑ Weeks, Ryan (May 10, 2024). "Crypto VC Firm Polychain Makes Payouts to Investors in Two Funds". Bloomberg News. Retrieved January 14, 2025.
  13. ↑ "Kik raises $50 million ahead of token sale for its cryptocurrency Kin". VentureBeat. August 29, 2017. Retrieved September 1, 2021.
  14. ↑ Vigna, Paul (February 1, 2018). "Bitcoin Brawl: A New Twist In Tezos's $232 Million Coin Offering". Wall Street Journal. ISSN 0099-9660. Retrieved September 1, 2021.
  15. ↑ Cryptoboomz (August 1, 2025). "Polychain Capital – Top Blockchain Venture Fund". Cryptoboomz. Retrieved August 1, 2025.
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