SPiCE VC sets new standard in tokenized blockchain Investing with 2.1x DPI and 6.3x TVPI after third investor payout

SPiCE VC, a globally recognized leader in blockchain-focused venture capital, has made headlines once again by executing its third investor payout—an uncommon milestone in the still-nascent tokenized fund industry. This latest distribution pushes the firm’s Distributions to Paid-In Capital (DPI) to an impressive 2.1x, a figure that not only eclipses industry norms but redefines investor expectations for liquidity in private markets. At the same time, SPiCE VC’s Total Value to Paid-In Capital (TVPI) now exceeds 6.3x, placing it firmly among the most successful funds in any venture capital cohort globally, particularly in emerging sectors like blockchain, tokenized assets, and Web3 infrastructure.

SPiCE’s rise reflects a disciplined investment thesis that combines early bets on blockchain infrastructure with a pioneering tokenized fund architecture. While many digital asset funds emerged during periods of speculative growth in crypto markets, few have achieved consistent performance backed by realized investor distributions. SPiCE VC’s model blends technological innovation with classical venture capital rigor, setting a benchmark in how Real World Asset (RWA) strategies can be executed with transparency and institutional-grade returns.

Why Are SPiCE VC’s DPI and TVPI Metrics So Far Ahead of Venture Capital Norms?

In the traditional venture capital landscape, DPI and TVPI serve as critical indicators of fund performance. DPI reflects realized distributions as a ratio of capital paid in by limited partners (LPs), while TVPI includes both realized and unrealized value—offering a full picture of a fund’s performance across time. For early-stage VC funds at the seven-year mark, a DPI of 1.0x is often considered exceptional. Most fail to reach this threshold within the same timeframe. Similarly, top-decile TVPIs range from 3.0x to 4.5x, according to Cambridge Associates and PitchBook benchmarks, with the median typically between 1.3x and 1.8x.

SPiCE VC’s performance, with a 2.1x DPI and 6.3x TVPI, essentially doubles the returns of top-quartile funds and demolishes the sector’s median averages. This outlier performance is not incidental. It reflects deliberate portfolio construction, early entry into high-growth Web3 infrastructure companies, and disciplined follow-on capital deployment. It also underscores the advantage of SPiCE’s novel tokenized structure, which facilitates earlier liquidity events for investors without forcing portfolio company exits.

How Did SPiCE VC Use Blockchain Tokenization to Build a New Venture Capital Paradigm?

Established in 2018, SPiCE VC became the world’s first fully tokenized venture capital fund, leveraging blockchain technology to deliver greater transparency, fractional ownership, and earlier liquidity. Unlike traditional closed-ended venture funds where capital is locked for ten years or more, SPiCE’s structure allows for liquidity via tokenized shares that can be distributed or redeemed under regulatory-compliant frameworks.

This fund model reflects a seismic shift in how venture capital is operationalized. Instead of treating tokenization as a cosmetic overlay, SPiCE embedded blockchain-based liquidity at the core of its architecture. This decision made it the first venture capital fund to execute an investor distribution via tokenized mechanisms—achieving a key milestone in 2022, followed by successive multi-million-dollar payouts.

The model delivers dual advantages: it enhances investor confidence through earlier returns and demonstrates how tokenization can be applied in complex, long-duration investment vehicles without sacrificing compliance or fund integrity.

What Role Have Portfolio Companies Like Securitize, Blockdaemon, and Ripio Played in SPiCE’s Outperformance?

SPiCE VC’s outsized fund-level performance is deeply rooted in the success of its portfolio companies. Rather than chase short-lived crypto trends, the firm focused on scalable blockchain infrastructure players—companies solving real operational problems across compliance, custody, and access.

Among its most notable investments, Securitize has become a category leader in regulated digital securities issuance and compliance solutions. The company’s enterprise-grade tokenization platform is central to institutional adoption of blockchain capital markets and has directly aligned with SPiCE VC’s long-term thesis on Real World Assets.

Blockdaemon, another portfolio cornerstone, delivers institutional-grade blockchain infrastructure and staking solutions, underpinning many of the world’s largest proof-of-stake networks. The company’s services have become foundational for traditional financial institutions seeking secure entry points into Web3 and digital assets.

Ripio, meanwhile, has become a crypto-fintech mainstay in Latin America, offering wallets, exchanges, and payment gateways tailored to underserved markets. It continues to grow in scale and relevance, particularly as Latin America accelerates its adoption of decentralized finance tools amid inflationary pressures.

These portfolio companies exemplify SPiCE’s emphasis on real utility over speculative token bets. Their continued growth has driven strong valuation uplifts, paving the way for the firm’s high TVPI and enabling concrete, realizable returns that back up its DPI figures.

How Does SPiCE VC Deliver Real Liquidity While Most Venture Funds Remain Illiquid?

SPiCE’s third investor payout is not simply a headline metric—it is a concrete demonstration of liquidity in a sector notorious for long capital lock-ins. Traditional VC funds distribute profits years after investment and often only after exit events like IPOs or acquisitions. SPiCE, by contrast, has operationalized token-based liquidity to enable distributions even before such events, without compromising investor protections or regulatory standing.

The fund’s 400+ global LPs have benefited from tokenized fund shares that represent real equity in the underlying portfolio. These shares can be redeemed or distributed based on smart contract-enabled fund logic. This approach also gives LPs clearer access to fund metrics, enabling real-time visibility into DPI and TVPI through token dashboards rather than opaque quarterly reports.

This paradigm shift—from closed capital structures to dynamic liquidity windows—has resonated with family offices, institutional investors, and HNWIs (high-net-worth individuals) who are increasingly demanding more agile alternatives to traditional fund models.

Why Is SPiCE VC Now Considered a Benchmark in Tokenized RWA Investment?

The tokenization of Real World Assets (RWAs) has become a dominant narrative in institutional finance, with global banks, asset managers, and regulators exploring how to digitize assets from real estate to private equity. SPiCE VC stands as one of the first funds to prove that tokenized RWA strategies can outperform conventional models—not just in theory, but in execution.

SPiCE’s recognition by Security Token Market as the top-performing tokenized venture fund underscores its status as a category leader. This distinction is particularly significant given the current surge in demand for tokenized asset infrastructure. Investors are increasingly looking to move beyond experimentation and into live deployment. SPiCE’s proven history of distributions and liquidity events places it ahead of theoretical RWA plays still in the whitepaper or pilot phase.

As regulators in markets like the U.S., Europe, and Singapore evolve their frameworks for digital securities, SPiCE’s compliance-first tokenized structure positions it well to serve as a model for institutional-grade adoption.

How Will SPiCE VC Navigate the Next Phase of Blockchain and Web3 Investment?

Looking forward, SPiCE VC’s roadmap is likely to focus on doubling down on infrastructure and regulatory convergence. As blockchain moves from speculative token markets to enterprise and capital markets infrastructure, there is a clear need for investment capital that understands both the technical and compliance landscapes.

Given its performance and strategic clarity, SPiCE is well positioned to expand its fund offerings into more thematic vehicles—potentially covering verticals like tokenized carbon credits, digital identity infrastructure, or AI-integrated blockchain systems. Its approach could also serve as a template for other venture funds seeking to tokenize their structures without reinventing compliance or risking investor trust.

What remains clear is that SPiCE has already catalyzed a shift in investor expectations. In a space defined by experimentation and volatility, it has shown that consistent performance, real distributions, and structural innovation can coexist. That lesson could transform not only how blockchain venture capital operates—but how private markets evolve in the digital age.