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Investors in the San Francisco-based fund of funds have reportedly lost as much as 90% over the past year.
Feeling the squeeze of the crypto winter, Protocol Ventures is said to be closing down and returning investor cash in the first quarter of 2023, Bloomberg reported.
A so-called fund of funds, Protocol – which invested in Pantera, Multicoin Capital and BlockTower Capital among others – has lost as much as 90% over the past year, according to the report.
Bitcoin has been stuck in the $20,000 area for months versus the year-ago level just above $69,000. Altcoins, meanwhile, are generally faring even worse, with many tokens losing more than 80% of their value over the same period.