Blockchain Capital Token (BCAP)

Research and shelf status are on the memo: Blockchain Capital (BCAP) Adverse research finding

Who may buy, hold, transfer, and redeem

Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.

What the holder owns

An indirect, non-voting economic interest in the fund, held through the Singapore company that owns the fund’s only limited-partner interest.

“Each of the BCAP Tokens represents an indirect fractional non-voting economic interest in BCTH’s sole asset, the sole limited partnership interest in BC III DLVF”

Blockchain Capital TokenHub Pte. Ltd., BCAP Tokens offering memorandum, dated April 10, 2017 (copy hosted by Securitize) · Description of BCAP Tokens, first paragraph (page 25) · words found 2026-09-23

Who may hold it

Up to 99 U.S. accredited investors under Regulation D, and non-U.S. persons offshore under Regulation S.

“This Offering is being made (1) inside the United States to up to 99 “accredited investors” (as defined in Section 501 of the Securities Act) in reliance on Regulation D under the Securities Act who are U.S. persons (as defined in Section 902 of Regulation S under the Securities Act) and (2) outside the United States to non-U.S. persons in reliance on Regulation S.”

Blockchain Capital TokenHub Pte. Ltd., BCAP Tokens offering memorandum, dated April 10, 2017 (copy hosted by Securitize) · Cover page · words found 2026-09-23

First purchase minimum

In 2017, $20,000 for buyers paying in dollars; the offering has been closed since May 2017, so no minimum applies to anyone today.

“Subscribers for BCAP Tokens paying in USD must subscribe for a minimum of $20,000 in BCAP Tokens.”

Blockchain Capital TokenHub Pte. Ltd., BCAP Tokens offering memorandum, dated April 10, 2017 (copy hosted by Securitize) · How to Purchase (page 1) · words found 2026-09-23

Account types

The documents read do not say.

Not stated in Blockchain Capital TokenHub Pte. Ltd., BCAP Tokens offering memorandum, dated April 10, 2017 (copy hosted by Securitize), SEC EDGAR: Blockchain Capital TokenHub Pte. Ltd., Form D filed April 20, 2017 (the only filing; no Form D/A), Blockchain Capital, “Blockchain Capital’s Pioneering Tokenized Fund Announces Dividend and Upgrades to ZKsync” (PR Newswire, 2024-12-11).

Who it may be transferred to

A U.S. holder may sell to a U.S. person only by selling every token to one buyer; a non-U.S. holder may sell only to non-U.S. persons offshore.

“they will not sell such BCAP Tokens to any U.S. person unless they sell all of their BCAP Tokens to a single U.S. Person. Persons purchasing as non-U.S. persons will only be entitled to resell their BCAP Tokens to other non-U.S. persons in an offshore transaction”

Blockchain Capital TokenHub Pte. Ltd., BCAP Tokens offering memorandum, dated April 10, 2017 (copy hosted by Securitize) · Cover page · words found 2026-09-23

How a holder redeems

Holders cannot redeem; only the issuer may, and the fund has no end date.

“The BCAP Tokens have no voting, distribution, preemptive or conversion rights and redemption rights only for BCTH.”

Blockchain Capital TokenHub Pte. Ltd., BCAP Tokens offering memorandum, dated April 10, 2017 (copy hosted by Securitize) · Description of BCAP Tokens, first paragraph (page 25) · words found 2026-09-23

Who keeps the official record

The memorandum named TokenHub’s database as the record; it does not name the record Securitize keeps now.

“the ultimate record of which will be kept in a database maintained by TokenHub showing its users’ holdings”

Blockchain Capital TokenHub Pte. Ltd., BCAP Tokens offering memorandum, dated April 10, 2017 (copy hosted by Securitize) · Form of Ownership (page 27) · words found 2026-09-23

What the issuer says it can freeze or take back

The memorandum does not mention freezing; it lets the fund force a holder out at any time, at a price that can be below NAV.

“BC III DLVF may at any time direct BCTH to redeem all or some of the BCAP Tokens, in BCTH’s discretion at a redemption price calculated as the lower of (i) 70% of the market price of the BCAP Tokens”

Blockchain Capital TokenHub Pte. Ltd., BCAP Tokens offering memorandum, dated April 10, 2017 (copy hosted by Securitize) · Description of BCAP Tokens, Regulatory Redemption (page 26) · words found 2026-09-23

What the issuer filed with the SEC

A private offering files Form D with the SEC within 15 days of its first sale and amends it each year while it sells. The issuer signs it. It states the exemption relied on, the fund’s exclusion from the Investment Company Act (which decides who may buy), the smallest investment accepted, the amount sold, and how many investors hold.

Filed by Blockchain Capital TokenHub Pte. Ltd. (SEC CIK 1703926). Sold to date counts every sale since the first, not the fund’s size today. Ketju reads EDGAR daily; a new filing reopens this file.

Where the filing and the file differ
• The 2017-04-20 Form D states a $100 minimum; the file records no minimum. The note under “Who may hold it” says which figure the file follows.

The transfer agent’s SEC record

A transfer agent registers with the SEC on Form TA-1 and reports each year on Form TA-2: how many securityholder accounts it keeps and for how many issues it keeps the master securityholder file, the list that says who owns each share.

EDGAR records Securitize LLC as the former name of Securitize Transfer Agent, LLC, changed 2025-04-14.

Who can change the record

Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.

Who holds the keys

Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.

Where it trades

No venue stated.

How it exits

Reopen conditions: events that change an answer above
• The ten-year mark after the May 2017 issue arrives, or the fund gives notice of an optional redemption, a regulatory redemption, a buyback, or a fixed-price offer
• Securitize or the fund publishes a current offering document, NAV report, or record statement; the claim model, the record keeper, and the 2017 terms are then re-read
• The value Securitize publishes moves more than 25% between weekly readings; it rose from $22.89 on 2026-03-30 to $83.06 on 2026-04-07 and to $105.75 on 2026-05-01 with supply flat, and no published NAV report explains the move
• A second distribution is announced, or the fund states a distribution policy
• A trading venue lists BCAP, or CoinGecko records volume against it
• The ZKsync lock manager’s implementation is verified; freeze is then read from source instead of left unverified
• The owner key, proxy implementation, compliance service, lock manager, or wallet registrar on either chain changes
• The Ethereum contract’s remaining 102,177.63 tokens move to ZKsync or are burned, or the ZKsync address holding 79% of supply moves its balance
• The count of U.S. holders nears 99, or the fund leaves the section 3(c)(1) exclusion

What the monitor reads daily

Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote, since a fund of this kind accrues a few basis points a day. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. EDGAR is read for the issuer’s Form D filings and the transfer agent’s registration; a new filing reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.

Sources

• Blockchain Capital TokenHub Pte. Ltd., BCAP Tokens offering memorandum, dated April 10, 2017 (copy hosted by Securitize) · primary · accessed 2026-09-23
  Supports: indirect fractional non-voting economic interest, Regulation D to up to 99 U.S. accredited investors, Regulation S offshore, $20,000 minimum for dollar subscriptions, whole-position transfer rule for U.S. holders, no redemption right for holders, optional redemption after ten years, regulatory redemption at any time, TokenHub database as the record, quarterly NAV reports; manager’s valuations final, 2.5% management fee, 25% carried interest
• SEC EDGAR: Blockchain Capital TokenHub Pte. Ltd., Form D filed April 20, 2017 (the only filing; no Form D/A) · primary · accessed 2026-09-23
  Supports: Singapore private limited company, formed 2017, venture capital fund, not registered under the 1940 Act, Rule 506(c), section 3(c)(1), $100 minimum on the form, 745 investors, $10,000,000 sold, no non-accredited investors
• Blockchain Capital, “Blockchain Capital’s Pioneering Tokenized Fund Announces Dividend and Upgrades to ZKsync” (PR Newswire, 2024-12-11) · primary · accessed 2026-09-23
  Supports: $0.25 per token USDC distribution, migration from Ethereum to ZKsync, Securitize runs the migration, tokens not redeemable, fund holds stakes in ZKsync and Securitize
• SEC EDGAR: Securitize Holdings prospectus, Form 424B3, filed August 7, 2026 · primary · accessed 2026-09-23
  Supports: about $209 million in BCAP on Securitize, December 2025, BC III DLVF holds 1,613,818 Securitize shares
• RedStone oracle API, BCAP_FUNDAMENTAL feed · primary · accessed 2026-09-23
  Supports: $107.53 per token, value sourced from Securitize
• Verified DSToken implementation on ZKsync Era (Matter Labs block explorer) · primary · accessed 2026-09-23
  Supports: DS Protocol token, issueTokens, burn, pause, upgradeToAndCall
• Verified BCAP implementation on Ethereum (Sourcify) · primary · accessed 2026-09-23
  Supports: preTransferCheck compliance gate, lock manager lockInvestor, pause, burn, upgradeToAndCall
• CoinGecko API, Blockchain Capital (BCAP) · secondary · accessed 2026-09-23
  Supports: $977.7 million market cap, 9,091,942 circulating tokens, no listed market, zero volume