CMT Digital Closes $136M Fund to Back Next Wave of Blockchain Startups

CMT Digital, a Chicago-based venture capital firm specializing in digital assets, has closed its fourth fund, raising $136 million to support blockchain startups.

The fund will target founders who develop the next wave of cryptographic infrastructure and applications, as regulatory clarity improves and institutional adoption accelerates, according to a announcement on wednesday

Investment partner Sam Hallene said Fortunately, the fund has attracted support from a mix of wealthy individuals, family offices and institutional investors, although it declined to name the participants in the round.

CMT Digital has already committed about a quarter of its $136 million fund, backing stablecoin startups like Coinflow and Codex. The general thesis of the fund remains focused on fintech disruptors, but is open to emerging categories.

“As the world continues to move on the chain, we believe that the most transformative ideas are still ahead,” Hallene he said.

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The raise, which closed in early October, marks one of the largest recent raises by a crypto VC amid a broader slowdown in fundraising. Despite Bitcoin reaching new highs this year and the US government’s pro-crypto stance, venture crypto funding has stalled.

According to PitchBook dataabout $7 billion was invested in 751 deals in the first half of 2025, well below the $24.3 billion implemented in 2021 and $30.3 billion in 2022.

Crypto companies are public

Although crypto-focused VCs are having a slow year, several blockchain companies that went public in 2025 have provided strong market debuts.

In June, the stablecoin issuer Circle rose 167% in its NYSE debutWhile blockchain lender Figure rose about 24% after listing on Nasdaq in September. Both companies count CMT Digital among their top supporters.

In August, crypto exchange and media company Bullish also made its NYSE debutrising 218% during its first day of trading.

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