[philip1209]

Unrelated to this - I've heard that many VC funds were going through their legal paperwork with a fine-tooth comb to see if they were allowed to invest LP money directly into crypto or ICOs. Some were not permitted, and it definitely demonstrated how some of these funds lack the flexibility to pursue opportunities that do not pattern-match classic VC investments of the last few decades.

[charlesdm]

As per their LP agreement, the fund itself might only have been allowed to invest in equities / companies, such as this one. The company itself could then perhaps invest directly into cryptocurrencies without restrictions.

[wtvanhest]

While that may or may not be lucrative, it wouldnt help them in future rounds when they are showing their track record bc the track record cant include non-fee paying accounts.