CMT Digital, a Chicago-based venture capital firm specializing in digital assets, has successfully closed its fourth fund, securing $136 million to support blockchain startups.
This new fund is poised to target founders who are developing the next generation of crypto infrastructure and applications. The investment strategy is informed by the ongoing improvement in regulatory clarity and the accelerating pace of institutional adoption within the digital asset space.
Sam Hallene, an investment partner at CMT Digital, shared with Fortune that the fund attracted capital from a diverse group of investors. This group included high-net-worth individuals, family offices, and institutional investors, though specific participants were not disclosed.
CMT Digital has already allocated approximately a quarter of the $136 million fund to investments in stablecoin startups, including Coinflow and Codex. While the fund's primary focus remains on fintech disruptors, it maintains flexibility to explore and invest in emerging categories within the digital asset ecosystem.
Hallene expressed optimism about the future, stating, "As the world continues to move on chain, we believe the most transformative ideas are still ahead."
The fund's closing in early October represents a significant capital raise in the current crypto venture capital landscape, which has experienced a broader slowdown. Despite Bitcoin reaching new price milestones this year and a more favorable stance from the U.S. government towards crypto, venture funding in the sector has remained relatively subdued.
Data from PitchBook indicates that approximately $7 billion was invested across 751 deals in the first half of 2025. This figure is considerably lower than the $24.3 billion deployed in 2021 and $30.3 billion in 2022, highlighting the current market conditions.
Crypto Companies Achieve Strong Public Market Debuts
Despite the challenging year for crypto-focused venture capital firms, several blockchain companies that pursued public offerings in 2025 have experienced notable market success.
In June, Circle, a prominent stablecoin issuer, saw its stock price surge by an impressive 167% on its debut on the NYSE. Following this, blockchain lender Figure experienced a climb of approximately 24% after its listing on Nasdaq in September. Notably, CMT Digital was an early investor in both of these companies.
Further demonstrating positive market reception, crypto exchange and media company Bullish made its NYSE debut in August, with its stock soaring 218% during its first day of trading.