# Protocol VC LLC

> Protocol VC LLC is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2024, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated July 1, 2026.

- CRD: 332272
- Filed as: PROTOCOL VC LLC
- Also doing business as: PL CAPITAL CRYPTO
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: July 1, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/332272
- AdvisorCensus page: https://advisorcensus.com/firm/protocol-vc-llc-san-francisco-ca-332272

## Quick answers

**How is Protocol VC LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Protocol VC LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**What does Protocol VC LLC's brochure say about its fees?**
Its Form ADV Part 2A brochure dated July 1, 2026 states: Asset-based fee: up to 1% of assets a year (the maximum the brochure states). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Protocol VC LLC located?**
Protocol VC LLC's principal office is in San Francisco, CA, according to its Form ADV.

**Is Protocol VC LLC registered with the SEC or a state?**
Protocol VC LLC is an SEC-registered investment advisory firm, registered since 2024. Status as filed: Approved. CRD 332272.

**How much does Protocol VC LLC manage?**
Protocol VC LLC reports $350,429,245 in regulatory assets under management in its Form ADV filing dated July 1, 2026 (1% discretionary).

**How have Protocol VC LLC's assets and staff changed since 2024?**
In the Form ADV data for Protocol VC LLC: Regulatory assets under management: $0 in the October 2024 data and $350,429,245 in the October 2026 data. Total employees: 2 in October 2024 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Protocol VC LLC serve?**
By number of clients on Form ADV Item 5.D: corporations or other businesses not listed above (2).

**Does Protocol VC LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/332272

**What changed in Protocol VC LLC's recent Form ADV filings?**
In the August 2026 filing data: No longer lists the business name PL Capital. Added the business name PL Capital Crypto.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated July 1, 2026)

- Asset-based fee: up to 1% of assets a year (the maximum the brochure states)

> Management fees charged to Managed Account Clients are up to one percent (1%) per annum of the at-cost investment amount.

> The fees and compensation payable to Protocol VC are negotiable. However, the range of compensation is generally as follows:

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $350,429,245
- Discretionary: $3,750,499
- Non-discretionary: $346,678,746

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Corporations or other businesses not listed above | 2 | $350,429,245 |

### Advisory services (Item 5.G)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2024 (2 years)
- Employees: 3 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- plcapital.xyz/crypto
- LinkedIn @protocolvc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2024 | $0 | 2 | July 22, 2024 |
| October 2025 | $350,717,201 | 2 | March 8, 2025 |
| October 2026 | $350,429,245 | 3 | July 1, 2026 |

Regulatory assets under management: $0 in the October 2024 data and $350,429,245 in the October 2026 data.
Total employees: 2 in October 2024 and 3 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- No longer lists the business name PL Capital.
- Added the business name PL Capital Crypto.

### April 2026
- Added the business name PL Capital.

### March 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Protocol VC LLC (CRD 332272): Form ADV filing data as of October 2026.