Theta Capital Management Raises $175 Million for Blockchain Startups
Wednesday, May 21, 2025 12:00 AM
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Amsterdam-based Theta Capital Management has successfully raised over $175 million for its latest fund-of-funds, Theta Blockchain Ventures IV, which is designed to support early-stage blockchain startups through specialized venture capital (VC) firms. Ruud Smets, managing partner and chief investment officer at Theta, emphasized that the new fund will invest in crypto-native VC firms known for their ability to back blockchain innovation. Smets highlighted the importance of specialization in the VC space, stating that dedicated crypto VCs have developed a competitive edge over generalist investors, particularly in the initial funding rounds. Since shifting its focus to digital assets in 2018, Theta has managed approximately $1.2 billion and has invested in prominent firms like Polychain Capital and CoinFund.
The launch of Theta Blockchain Ventures IV coincides with a resurgence in crypto venture capital, as reported by Galaxy Digital, which noted a 54% increase in VC investment in digital assets during the first quarter of 2025, totaling $4.8 billion. This uptick signals a renewed confidence in the crypto sector following a period of downturn. Despite a decline in the number of deals—405 completed in Q1 2025 compared to 670 in the same period last year—total funding more than doubled year-over-year, reaching $6 billion, up from $2.6 billion in Q1 2024. This indicates that while fewer deals are being made, the overall investment in the sector remains robust.
Furthermore, PitchBook’s analysis revealed that the majority of the funding, approximately $2.55 billion, was directed towards asset management, trading platforms, and crypto financial services. Infrastructure and development firms also attracted significant investment, raising nearly $955 million. Web3-focused companies followed, securing $231.2 million across 23 deals. Additionally, the anticipated IPO of Circle is expected to be a pivotal moment for the crypto equity market, potentially influencing valuation expectations across the payments and infrastructure sectors. With $1.18 billion in VC funding raised so far, PitchBook estimates a 64% likelihood that Circle will go public, which could further invigorate the market.
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