Actually, the only time I know they cashed in early was selling half their Coinbase shares at the direct listing after holding for 7 years.
Their racket was to be the #1 crypto fund with the most assets under management ($7.6B total) so that they can collect the most management fees (probably about $1B total). It’s great business for a16z to be in the sector-leader AUM game even when the sector makes no logical sense.
I’m just saying Marc’s reputation for publicly making logically-flimsy arguments and not updating on evidence should be considered when he enters a new area of discourse.
In the words of Matt Levine, he was in the Ponzi business, and business was good, my understanding is they did quite well by cashing in early.
Actually, the only time I know they cashed in early was selling half their Coinbase shares at the direct listing after holding for 7 years.
Their racket was to be the #1 crypto fund with the most assets under management ($7.6B total) so that they can collect the most management fees (probably about $1B total). It’s great business for a16z to be in the sector-leader AUM game even when the sector makes no logical sense.
I’m just saying Marc’s reputation for publicly making logically-flimsy arguments and not updating on evidence should be considered when he enters a new area of discourse.