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.
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.