On-chain organization Arkham: Kelsier's holdings reduced to $2 million from nearly $300 million, primarily in LIBRA tokens
On-chain organization Arkham stated that in February 2025, it identified over 1,000 addresses belonging to Kelsier Ventures and Hayden Davis, and published a complete set for the first time. These addresses held nearly $300 million at the time, primarily in LIBRA tokens. Currently, only about $2 million remains.
The marking date is February 19, 2025, five days before LIBRA's launch. The addresses were divided into two groups: those related to tokens were categorized under the LIBRA entity, while those not directly associated with projects were categorized under Kelsier Ventures. The two groups combined held nearly $300 million, of which about $100 million was in USDC and SOL. Arkham noted that these stablecoins and SOL have been withdrawn from the LIBRA liquidity pool. One of the largest holdings in the Kelsier Ventures entity was BRYAN, which at the time claimed to hold about 70% of the bundled supply.
The latest snapshot puts the relevant entity's balance at about $2 million, distributed across approximately 1,200 addresses. Arkham also clarified that the decrease in balance alone cannot prove the whereabouts of the difference. Token prices, transfers between addresses, sales, liquidity changes, and the entity's adjustments to its holdings can all affect the entity's balance.
Kelsier Ventures was registered in Delaware in 2021. LIBRA is a meme coin it participated in bringing to market, which was publicly promoted by Argentine President Javier Milei before its collapse. On September 29, 2026, a U.S. judge dismissed a collective lawsuit from investors, ruling that it could not be refiled. Related criminal proceedings in Argentina are still ongoing and are not halted by the conclusion of the U.S. civil case.
The decline from nearly $300 million to about $2 million represents a drop of over 99%. What remains is primarily not tradeable stablecoins, but the devalued LIBRA inventory. About $100 million in USDC and SOL left the liquidity pool during the launch phase, and the token balances still listed on the addresses are not the same class of assets.
This reflects the results of price marking and transfers, not new purchases. The buyers were retail investors who entered the liquidity pool at launch, while the sellers were the marked addresses that withdrew USDC and SOL from the pool. The event was driven by the launch in February 2025 and the subsequent price collapse, not by the re-release of this old document in October. Funds have flowed from the pool to the marked cluster, and then left the public balance due to sales, transfers, or depreciation. Beneficiaries are the addresses that withdrew stablecoins and SOL at that time, while those under pressure are investors who bought LIBRA at high prices and faced the dismissal of the civil case.
Source: Public information
ABAB AI Insight
Kelsier Ventures was registered in Delaware in 2021, and Hayden Davis turned the project issuance into a repeatable template. Before LIBRA's launch in February 2025, Arkham had already seen about 70% of the bundled supply of BRYAN in another entity, with the same controller concentrating chips before releasing liquidity externally. Five days after LIBRA's launch, over 1,000 addresses were fully published for the first time, with about $100 million of the nearly $300 million already withdrawn in USDC and SOL. On September 29, 2026, the U.S. collective lawsuit was dismissed and could not be refiled, while the criminal proceedings in Argentina are still ongoing, separating civil claims from criminal investigations.
The capital path is not from fund contributions, but from the liquidity pool. External purchases at launch sent USDC and SOL into the pool, and the marked addresses then withdrew about $100 million in stablecoins and SOL, leaving behind the LIBRA inventory. By October 2026, about 1,200 addresses had only about $2 million left, and the difference cannot solely be attributed to price; transfers, sales, and adjustments to the marking range are all involved. Milei's public promotion brought political traffic from Argentina into this pool, but did not change the control of the addresses that withdrew stablecoins.
The analogy is the issuance structure of the 2021 Squid Game token and the 2024 political meme coin, rather than venture capital portfolio losses. In those cases, internal addresses also held most of the supply first, and after external liquidity came in, it was unilaterally withdrawn. Kelsier is at the end of the control phase: the issuance template has been used, the civil door in the U.S. has been closed, and the on-chain balance no longer constitutes callable capital, with the remaining constraints in the Argentine criminal proceedings.
Structurally, this is a transfer of pricing power. The price of meme coins is determined by counterparties in the pool, and the party that withdrew USDC and SOL took the pricing power away from the buyers. The public address collection can only show that the balance dropped from nearly $300 million to about $2 million, and cannot automatically recover the stablecoins that have left the pool. The mechanism is the bundled supply plus unilateral liquidity withdrawal, making the collapse a result of the issuance design rather than subsequent market sentiment.
ABAB News · Cognitive Law
The stablecoins in the pool are the true position of the issuer.
The decrease in balance is not a loss; it may indicate that they have already exited.
After the civil case was closed, the on-chain ledger is still speaking.