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Polychain Capital

Venture Capital · Founded 2016 · San Francisco, United States

#421 Investor Ranking 2026 Top 3% of investors worldwide

The emergence of bitcoin and subsequent blockchain technologies has generated a new digital asset class in which scarcity is based on mathematical properties

199 Portfolio companies+124% in 5 years
21 Unicorns
3 Decacorns
286 Investments
Aug 2026 Last investment
02 · Biggest holdings

Polychain Capital’s biggest current holdings.

Polychain Capital is a named shareholder in 5 companies. Dealroom estimates those stakes are worth about $1.9B in total — the disclosed percentage × each company’s latest valuation. The 5 biggest are below, each sized by that estimate.

#CompanyEst. stakeValuationEst. value
  1. 1 PolymarketFintech · Unicorn 8.5% $15.0B $1.3B
  2. 2 CoinDCXFintech · Unicorn 17.5% $2.2B $376M
  3. 3 EigenLayerSecurity · Unicorn 10% $1.1B $110M
  4. 4 BerachainFintech · Unicorn 4.5% $1.5B $68M
  5. 5 Story ProtocolEnterprise Software · Unicorn 2.5% $2.2B $56M

Estimated value = Polychain Capital’s disclosed ownership % × Dealroom’s latest company valuation; direct named stakes only, exited positions excluded. Figures are indicative, not reported marks. Polychain Capital also appears inside investor groups in Matrixport, StarkWare Industries, where a standalone stake isn’t disclosed. See the underlying shareholder registers on Dealroom →

03 · Portfolio analysis

Where Polychain Capital’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 199 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. USA134
  2. Singapore13
  3. Canada11
  4. Switzerland8
  5. Cayman Islands4
  6. Seychelles4
  7. British Virgin Islands3
  8. Decentralised3
  9. Portugal3
  10. South Korea3
  11. Spain3
  12. UK3
By sectorCount
  1. Fintech133
  2. Enterprise Software38
  3. Security16
  4. Media10
  5. Gaming5
  6. Telecom4
  7. Music3
  8. Energy2
  9. Health2
  10. Marketing2
  11. Real Estate2
  12. Transportation2
By stage enteredCount
  1. Seed114
  2. Series A68
  3. Series B+17
By growth stageCount
  1. Early Growth101
  2. Breakout Stage82
  3. Late Growth32
04 · Portfolio market map

Inside Polychain Capital’s portfolio.

The 60 highest-funded portfolio companies, of 199 tracked.

Polymarket
Fintech · Decacorn
$15B
Crusoe
Energy · Decacorn
$10B
Digital Asset
Fintech
$101M
AVA Labs
Security · Unicorn
$5.3B
Coinbase
Fintech · Decacorn
$38B
Solana
Fintech · Unicorn
$1.3B
Story Protocol
Enterprise Software
$560M
StarkWare Industries
Fintech · Unicorn
$8.0B
Aleo
Fintech · Unicorn
$1.4B
CoinDCX
Fintech · Unicorn
$2.2B
EigenLayer
Security · Unicorn
$1.1B
BitClout
Fintech
$800M
Uniswap Labs
Fintech · Unicorn
$1.7B
Gauntlet Network
Fintech
$500M
DFINITY | Internet Computer
Fintech · Unicorn
$9.5B
Celestia
Fintech · Unicorn
$1.0B
Matrixport
Fintech · Unicorn
$1.5B
Offchain Labs
Fintech · Unicorn
$1.2B
Berachain
Fintech · Unicorn
$1.5B
PIP Labs
Enterprise Software · Unicorn
$2.3B
Yellow Card
Fintech
$200M
Kik
Media · Unicorn
$1.0B
Espresso Systems
Fintech
$400M
CoinList
Fintech · Unicorn
$1.5B
Babylon Labs
Security
$350M
Vesper Energy
Energy
$17M
M0
Fintech
$160M
dYdX
Fintech
$260M
Axelar
Enterprise Software · Unicorn
$1.0B
Scroll
Fintech · Unicorn
$1.8B
Ethena
Fintech
$120M
Celo
Fintech
$150M
Human API
Enterprise Software
$260M
Eclipse
Fintech
$200M
Terraform Labs | Terra Money
Fintech
$100M
MakerDAO
Fintech
$60M
Backflip
Fintech
$120M
Sequence
Gaming
$160M
River Financial
Fintech
$140M
Drift
Fintech
$100M
MonkeyTilt
Gaming
$120M
SHRAPNEL
Gaming
$78M
AscendEX
Fintech
$200M
Sahara
Enterprise Software
$172M
Greenlane
Marketing
Orchid
Security
$28M
Oasis Labs
Fintech
$180M
Movement Labs
Enterprise Software
$152M
SynFutures
Fintech
$88M
Firefly Exchange
Fintech
Element Finance
Fintech
$320M
Agoric
Fintech
$128M
Polyhedra Network
Enterprise Software · Unicorn
$1.0B
Thetanuts Finance
Fintech
$90M
Stake Technologies
Telecom
$40M
Compound
Fintech
$100M
Allora Labs
Fintech
$110M
Spacemesh
Enterprise Software
$60M
Anoma
Fintech
$240M
Manta Network
Security
$500M
05 · Portfolio founders

Where Polychain Capital’s portfolio founders come from.

167 founders across the 100 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. United States99
  2. Canada9
  3. Singapore6
  4. Switzerland6
  5. Cayman Islands4
  6. India4
  7. Israel4
  8. China3
  9. Australia2
  10. Germany2
UniversityCount
  1. Stanford University13
  2. Massachusetts Institute of Technology6
  3. University of California, Berkeley6
  4. Princeton University5
  5. University of Illinois Urbana Champaign5
  6. Cornell University4
  7. University of Toronto4
  8. Columbia University3
  9. Peking University3
  10. The Hebrew University of Jerusalem3
Previous companyCount
  1. Alphabet | Google10
  2. IBM6
  3. Cornell University5
  4. Apple4
  5. McKinsey & Company4
  6. Microsoft4
  7. Polychain Capital4
  8. Qualcomm4
  9. Algorand3
  10. Amazon3
07 · Key people

Key people at Polychain Capital.

Source: Curated from official investor team pages and verified public profiles.