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> Some key investments: 75m for Coinbase, 20m for Xapo, 9m for Circle (still haven't launched) and many smaller investments.

That barely breaks a billion. It doesn't seem massive to me in relation to the rest of Silicon Valley. For comparison: Instagram.

I'm not sure of your point. According to Crunchbase, Instagram took $7.5m funding at seed/A and then another $50m not long before it was acquired.

If you're taking about Instragram's exit valuation, I don't see the relevance.

~104m doesn't break a billion.