Overview
- The fourth fund closed in early October at $136 million after a raise sourced from family offices, wealthy individuals, and some institutions.
- Roughly 25% of the capital is already invested, including stakes in stablecoin startups Coinflow and Codex.
- The vehicle finished below an earlier $150 million target, which the firm describes as a solid outcome given tighter fundraising conditions.
- PitchBook reports show $50 billion raised by venture funds in the first half of 2025 and nearly $7 billion deployed into crypto startups, reflecting a cooler market than the 2021–2022 cycle.
- CMT Digital, the crypto arm of Chicago‑based CMT Group, has backed Circle, Figure, and Consensys, with Circle and Figure recently listing publicly and Consensys preparing for a potential debut.