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Wednesday Nov 5 2025 21:00
2 min
CMT Digital, a venture capital firm headquartered in Chicago specializing in digital assets, has successfully closed its fourth fund, securing $136 million to fuel the growth of promising blockchain startups. The fund's investment strategy centers around supporting founders who are building the next wave of crypto infrastructure and applications, particularly as regulatory landscapes become clearer and institutional adoption gains momentum.
According to Sam Hallene, Investment Partner at CMT Digital, the fund attracted capital from a diverse group of investors, including high-net-worth individuals, family offices, and institutional players. While specific names were not disclosed, Hallene shared with Fortune that approximately a quarter of the $136 million fund has already been committed to ventures like Coinflow and Codex, both stablecoin-focused startups. The overarching investment thesis remains rooted in fintech disruption, with a flexible approach to emerging categories within the blockchain space. "As the world continues to move on-chain, we believe the most transformative ideas are still ahead," Hallene stated.
The fundraise, finalized in early October, stands out as one of the more significant capital infusions into the crypto VC space amidst a broader slowdown in funding activity. Despite Bitcoin reaching new all-time highs and a seemingly more receptive stance towards crypto from the U.S. government, venture capital funding for crypto ventures has remained relatively subdued. PitchBook data indicates that approximately $7 billion was deployed across 751 deals in the first half of 2025, a considerable drop from the $24.3 billion and $30.3 billion invested in 2021 and 2022, respectively.
While crypto-focused VCs navigate a challenging fundraising environment, several blockchain companies that went public in 2025 have experienced strong market debuts. Circle, a stablecoin issuer, saw its shares surge 167% in its New York Stock Exchange (NYSE) debut in June. Similarly, blockchain lender Figure climbed approximately 24% following its Nasdaq listing in September. CMT Digital was an early backer of both of these successful ventures. Additionally, crypto exchange and media company Bullish debuted on the NYSE in August, experiencing a remarkable 218% increase in its share price on its first day of trading.
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