Theta Capital Management Launches $200M Blockchain Fund Targeting 10-15 Investments
Amsterdam-based Theta Capital Management is in search of $200 million for its newest blockchain fund-of-funds focusing on specialised crypto enterprise corporations.
The new automobile, referred to as Theta Blockchain Ventures V, will allocate capital to between 10 and 15 enterprise corporations specializing in digital property whereas focusing on a 25% internet inside price of return, based on an investor deck obtained by Bloomberg.
Founded in 2001, Theta shifted its focus to digital property in 2018 and now manages roughly $1.2 billion.
The fundraising effort comes regardless of difficult market circumstances, with simply $1.7 billion allotted to 21 crypto-focused enterprise funds in Q2 2025, based on Galaxy Digital knowledge.
How Theta Turned Crypto Bets Into Billion-Dollar Returns
Theta lately closed a separate fundraising round of over $170 million.
Across its prior 5 funds within the Theta Blockchain Ventures collection, the supervisor has delivered a 32.7% internet inside price of return from January 2018 via December 2024.
The agency’s portfolio contains marquee crypto enterprise capital corporations similar to Pantera Capital, CoinFund, Polychain Capital, and Dragonfly Capital.
Managing Partner and Chief Investment Officer, Ruud Smets, beforehand informed Bloomberg that “crypto-native enterprise corporations possess a sustainable edge past simply getting publicity to the market.”
He emphasised that “their early benefit and expertise has compounded over time, making it exhausting for generalist VCs to compete within the early levels.”
The fund-of-funds mannequin permits institutional buyers to realize diversified publicity to early-stage blockchain startups via established enterprise capital intermediaries.
Theta has invested over $600 million in crypto-native enterprise capital funds since 2017, establishing itself as one of many largest institutional allocators within the blockchain trade.
Crypto VC Faces Headwinds, But Pockets of Growth Emerge
The fundraising effort comes throughout a difficult interval for crypto enterprise investing, at the same time as token costs have surged all through 2025.
According to Galaxy Digital research, elevated curiosity in synthetic intelligence has drawn consideration away from crypto investing, whereas spot ETFs and treasury firms are competing for institutional funding {dollars}.
However, latest knowledge exhibits indicators of selective restoration in sure segments, with Web3 startups raising $9.6 billion in Q2 regardless of deal counts dropping to multi-year lows.
Web3 startups pulled in $9.6 billion in enterprise capital through the second quarter of 2025, the second-highest quarterly whole on document.#Web3 #Fundinghttps://t.co/0AohwhT2VF
— Cryptonews.com (@cryptonews) August 31, 2025
Infrastructure-focused sectors, similar to validator networks, mining operations, and compute networks, have attracted the very best median spherical sizes in latest quarters.
Outlier Ventures knowledge has additionally shown that crypto infrastructure startups secured a median spherical of $112 million, adopted by mining and validation at $83 million.
Meanwhile, non-public token gross sales raised $410 million throughout simply 15 offers in Q2, marking the strongest non-public efficiency since 2021, pushed by strategic treasury offers and rollup ecosystem investments.
Public token gross sales, nonetheless, fell 83% from the earlier quarter to $134 million, as retail urge for food waned.
The United States additionally regained market dominance, capturing 47.8% of funds and 41.2% of accomplished offers, whereas the UK ranked second with almost 23% of capital allocation.
Geographically, this shift marks a return to conventional enterprise hubs, following Malta’s transient lead final quarter as a consequence of a single giant sovereign fund funding.
The broader macro surroundings continues to strain crypto enterprise capital, with rising rates of interest and shifts in allocator preferences directing institutional flows away from early-stage startup investments towards liquid, regulated devices.
Many institutional buyers are actually in search of crypto publicity via spot exchange-traded funds and digital asset treasury firms reasonably than enterprise capital commitments.
Despite these challenges, Theta has proven continued institutional curiosity in specialised crypto funding methods, and its new increase, if profitable, would mark the agency’s sixth fund beneath the Blockchain Ventures collection.
The fund launch additionally coincides with different notable fundraising efforts within the house, together with Maven 11’s pursuit of $100 million for its third crypto enterprise fund and Pure Crypto’s preparation for a fourth fund following almost 1,000% returns since 2018.
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