TLDR
- CMT Digital closed its fourth fund at $136 million in early October 2025, falling short of its $150 million target
- The Chicago-based firm has already invested about 25% of the fund in stablecoin startups including Coinflow and Codex
- Crypto venture funding reached only $12.45 billion year-to-date in 2025, compared to $30.3 billion in 2022
- The fund attracted family offices, high-net-worth individuals, and institutional investors, with some investors turned away due to oversubscription
- CMT Digital’s portfolio companies Circle and Figure both went public in 2025 with strong market debuts
CMT Digital closed its fourth venture fund in early October 2025, raising $136 million to invest in blockchain startups. The Chicago-based investment firm fell short of its initial $150 million target.
🚨BULLISH!!!
CMT Digital raised $136M for a new crypto fund
WE STILL GOT IT🔥 pic.twitter.com/wep1TVjlzg
— Kyle Chassé / DD🐸 (@kyle_chasse) November 5, 2025
The fund drew backing from family offices, wealthy individuals, and institutional investors. Investment partner Sam Hallene declined to name specific participants in the fundraising round. A company representative said CMT turned away some investors due to oversubscription and allocation limits.
The firm began raising the fund in mid-2024. This marks CMT’s largest fund since its $130 million third fund. The company’s previous funds raised $25.5 million, $130 million, and $100 million respectively.
CMT has already deployed roughly 25% of the new fund. Early investments include stablecoin startups Coinflow and Codex. The fund focuses on fintech disruptors but remains open to emerging categories in the crypto space.
“As the world continues to move onchain, we believe the most transformative ideas are still ahead,” Hallene told Fortune. The firm plans to back founders building crypto infrastructure and applications.
Slow Venture Activity in 2025
The crypto venture capital market has remained sluggish in 2025 despite Bitcoin reaching new highs. Total venture funding reached only $12.45 billion year-to-date across 751 deals through mid-year. Quarter one saw $5.23 billion in investments.
These figures fall far below the pandemic-era bull market. Venture firms deployed $30.3 billion in 2022 and $24.3 billion in 2021. The first quarter of 2022 alone saw $13.3 billion invested, the largest quarter on record.
PitchBook data shows venture funding in the first half of 2025 totaled approximately $7 billion. The slowdown persists despite improved regulatory clarity and a pro-crypto stance from the US government.
Portfolio Company Success
CMT Digital has seen positive returns from portfolio companies that went public in 2025. Stablecoin issuer Circle surged 167% during its NYSE debut in June. The company trades under the ticker CRCL.
Blockchain lender Figure climbed about 24% after listing on Nasdaq in September. Both companies counted CMT Digital among their early backers. Crypto exchange Bullish also made its NYSE debut in August, soaring 218% on its first trading day.
CMT Digital also backed Ethereum studio Consensys, which is preparing for a public offering. The firm was established in 2017 as an offshoot of quantitative trading firm CMT Group. Since its founding, CMT Digital has invested in more than 200 crypto-related companies.
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