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Amsterdam-based Theta Capital Administration raised over $175 million for its newest fund-of-funds, geared toward supporting early-stage blockchain startups via specialised enterprise capital (VC) companies.
The brand new car, Theta Blockchain Ventures IV, will channel capital into crypto-native VC companies with a observe file of backing blockchain innovation, Theta’s managing associate and chief funding officer Ruud Smets told Bloomberg.
Smets mentioned the technique focuses on specialist managers who can outperform generalist buyers within the earliest funding rounds.
“We’ve at all times been on the lookout for areas the place specialization and lively administration present a sustainable edge,” Smets famous. He mentioned that the expertise and positioning of devoted crypto VCs “has compounded over time,” creating limitations for much less centered buyers attempting to enter the area.
Based in 2001, Theta shifted its focus to digital property in 2018 and now manages about $1.2 billion. The agency has backed main crypto funding names similar to Polychain Capital, CoinFund and Fort Island Ventures.
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Crypto VC offers rebound
The fund’s shut comes as crypto enterprise capital begins to rebound. In response to Galaxy Digital, VC funding in digital property rose 54% within the first quarter of 2025 to $4.8 billion, signaling renewed confidence within the sector after a protracted downturn.
A report from PitchBook additionally confirmed that crypto venture capital funding surged in early 2025, whilst deal exercise declined.
The report confirmed that 405 VC offers have been accomplished in Q1 2025, a 39.5% drop from the 670 recorded in the identical interval final yr. Nevertheless, that’s a modest uptick from the 372 offers seen in This fall 2024.
Regardless of fewer offers, complete funding greater than doubled year-over-year, reaching $6 billion in Q1 in comparison with $2.6 billion in Q1 2024, additionally doubling from the earlier quarter’s $3 billion.
PitchBook’s senior crypto analyst Robert Le famous that even amid macroeconomic uncertainty, “capital continued to hunt crypto’s core utility rails.”
The majority of the funding — round $2.55 billion throughout simply 16 offers — went to corporations in asset administration, buying and selling platforms and crypto monetary providers. Infrastructure and growth companies adopted, elevating almost $955 million throughout 30 offers.
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Circle IPO could possibly be crypto’s subsequent benchmark
PitchBook additionally mentioned that Circle’s anticipated IPO would be the most important crypto fairness pricing occasion since Coinbase’s 2021 debut.
If Circle secures a valuation above the rumored $4 billion to $5 billion vary, it “may due to this fact crowd in new late-stage capital and reset valuation expectations upward throughout the funds and infrastructure stack,” Le mentioned.
With $1.18 billion in VC funding raised up to now, PitchBook estimates a 64% likelihood that Circle will in the end go public.
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