The Theta Capital Management based in Amsterdam collected over $ 175 million for the newest fund of funds that aimed toward supporting blockchain startups within the early stage with Specialized Venture Capital (VC) corporations.
The latest vehicle, Theta Blockchain Ventures IV, will compete in crypto-native VC corporations with successful story concerning the support of blockchain innovations, said the managing director and Chief Investment Officer from Theta, Ruud Smets, Bloomberg.
According to Smets, the strategy focuses on special managers that generalist investors can exceed within the earliest funding rounds.
“We have at all times looked for areas wherein specialization and energetic management offer a sustainable advantage,” said Smele. He said that the experience and positioning of dedicated crypto -VCs “tightens over time” and creates obstacles to less focused investors who attempt to get into the room.
Theta was founded in 2001 and focused on digital assets in 2018 and now manages about 1.2 billion US dollars. The company has supported leading crypto names equivalent to Polychain Capital, Coinfund and Castle Island Ventures.
Source: Theta Capital
Crypto VC Deals get better
The fund is closed when the crypto risk capital begins to get better. According to the Galaxy Digital, VC investments in digital assets rose by 54%in the primary quarter from 2025 to 4.8 billion US dollars, which received latest trust within the sector after an extended downturn.
A PitchBook report also showed that the financing of crypto risk capital increased in early 2025, even when the deal activity decreased.
The report showed that 405 VC deals were accomplished in the primary quarter of 2025, a decrease of 39.5% in comparison with the 670 in the identical period of the previous 12 months. However, it is a modest increase within the 372 deals within the fourth 2024.
Despite fewer businesses, overall financing has greater than doubled in comparison with the previous 12 months, which was doubled in the primary quarter of $ 2.6 billion in the primary quarter of $ 3 billion of $ 3 billion in the primary quarter.
Robert Le, Senior Crypto -Analyst from PitchBook, noticed that even in the course of macroeconomic uncertainty “Capital continues to hunt the core disks of crypto”.
The majority of the investment – around 2.55 billion US dollars at just 16 deals – went to corporations in asset management, trading platforms and crypto finance services. Infrastructure and development corporations followed and brought almost 955 million US dollars to 30 deals.
Circle IPO might be cryptos next benchmark
PitchBook also said that Circle's expected IPO might be an important price event by Crypto Equity because the debut of Coinbase 2021.
If Circle secures an evaluation of $ 4 to $ 5 billion, he could “rise in a brand new capital within the late level within the areas of payments and infrastructure stacks up up to now by evaluating the reviews,” said Le.
With 1.18 billion US dollars of VC financial means which have been recorded to this point, Pitchbook estimates a likelihood of 64%that circle ultimately goes public.
