Crypto VCs say half their token bets are sidelined with no launch date in sight
Keeping tabs on performance should be easy for venture capitalists in crypto. The bulk of their bets, if not all of them, are denominated in liquid tokens that can be marked to market at any time. Take Spartan Group, one of the more active investors in decentralized finance.
Of the 108 projects that Spartan has backed through its $110 million DeFi fund, less than 40% have listed on exchanges, according to an investment report for the third quarter of 2022 obtained by The Block. Kelvin Koh, managing partner at Spartan Labs, said the fund in question invests in early-stage ventures, and that part of its returns — even for projects that have launched tokens — are unrealized.
Source
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