(Bloomberg) -- London-headquartered Molten Ventures Plc de-valued its holdings in digital finance companies Ledger and Revolut Ltd., signaling venture capital firms are becoming more cautious toward technology startups and the crypto sector.

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The fair value of Molten’s investment in crypto wallet maker Ledger was calculated at £71.8 million ($91.5 million) as of March 2023, the venture capital firm said in its annual report on Thursday, down 22% from its 2022 value of £91.9 million. Meanwhile, digital banking provider Revolut, which offers crypto trading to its customers, was lowered by 40% to £54.5 million over the same period.

Fair value of private market investments can be calculated using indicators such as public market data, how a stake might be valued if it had to be sold imminently and internal company performance figures, as opposed to the valuations that companies can receive from investors as part of a funding round. Overall, the fair value of Molten’s gross portfolio decreased by 16% year-on-year to £1.4 billion.

The crypto sector itself has been roiled by a series of high-profile company collapses, declining prices and regulatory backlash within the last year, damping investors’ expectations for growth. Venture capital investment in crypto companies plunged in the first quarter to $2.4 billion — its lowest level since 2020, and an 80% decline from its all-time high of $12.3 billion during the same period last year, according to data from PitchBook in April.

Read more: Crypto VC Funding Falls 80%, Squeezing Beleaguered Startups

A spokesperson for Ledger said its valuation had not declined, with its price per share largely stable between 2022 and 2023. The Paris-based firm raised the bulk of its most recent €100 million ($109 million) funding round at first close in March, valuing the business at €1.3 billion.

Molten Ventures and Revolut declined to comment.

--With assistance from Anna Irrera.

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