Sequoia Capital, an investment firm long revered for its direct involvement with Silicon Valley’s intricate web of venture capitalists and tech sector visionaries, has decided to reduce its exposure to cryptocurrencies, according to a confidential source.
A Reflection of The Market
In a message to investors, Sequoia Capital announced its decision to reduce its cryptocurrency fund from $585 million to about $200 million, as reported by the Wall Street Journal.
According to Sequoia, the pivot to more traditional sectors is a reflection of current market conditions, in which low-interest loans have gutted through much of the tech industries’ wild spending.
Sequoia Capital curbed crypto investments by a hefty 65% , opting for a nurturing stance on startups. Not a volatile market apathy, but strategic cognition, folks! #CryptoInvestments $BTChttps://t.co/hfsAAd8jeV pic.twitter.com/8JvtyShg0n
— Chain Review (@Chain_Review) July 27, 2023
Seeking to avoid the fate of SVB, Sequoia has a
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