A new filing with the U.S. Securities and Exchange Commission (SEC) shows that prominent venture fund Polychain had $591.5 million in assets under management at the end of March.

That’s down considerably since the firm’s August 2018 filing, which showed $967.8 million in assets under management. That’s a loss in value of $376.4 million.

The Wall Street Journal was the first to report that the company was no longer a billion-dollar operation.

Polychain is one of the most elite funds serving startups in the crypto industry. Founded by Olaf Carlson-Wee, the first employee of Coinbase, Polychain was among the earliest funds to invest in tokens rather than companies, as CoinDesk reported in 2016.

Part two of the most recent form describes the company as managing five funds: Polychain Master Fund, Polychain Master Fund II, Polychain Ventures, Dfinity Ecosystem Fund and Polychain Opportunities Fund I.

The document acknowledges significant risks in investing in crypto assets, writing:

“There is no assurance that digital assets will maintain their long-term value in terms of purchasing power in the future, or that acceptance of digital asset payments by mainstream retail merchants and commercial businesses will grow.”

Polychain did not reply to multiple requests for comment.

Photo of Polychain’s Chase Lochmiller via CoinDesk archives