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Crypto Hedge Fund Polychain Says It Won't Proceed With IPO

  • Sequoia, Andreessen-backed fund held talks with bankers
  • Hedge fund had aimed to raise about C$400 million in sale
Olaf Carlson-Wee, founder and chief executive officer of Polychain Capital.

Olaf Carlson-Wee, founder and chief executive officer of Polychain Capital.

Photographer: David Paul Morris/Bloomberg
Updated on

Polychain Capital, the crypto hedge fund backed by venture firms Sequoia Capital and Andreessen Horowitz, has decided not to go public in Canada after holdings talks with bankers about an initial public offering.

The company has held discussions with bankers in recent weeks about potentially raising about C$400 million ($325 million) in a share sale and listing on the Toronto Stock Exchange, people familiar with the plans said earlier. Olaf Carlson-Wee, chief executive officer of San Francisco-based Polychain, confirmed the talks Monday but said the firm has since decided not to proceed with a Canadian listing.