Theta Capital Management, an investment firm based in Amsterdam, is looking to raise $200 million for its newest blockchain fund-of-funds in 2025. The new fund, called Theta Blockchain Ventures V, will back between 10 and 15 venture firms that specialize in digital assets.
According to a report from Bloomberg, a spokesperson from Theta confirmed the fundraising plans and said the goal is to deliver a net return of 25%.
All this is coming at a time when venture capital in crypto space is slow even as prices of tokens push higher. In the second quarter of 2025, just $1.7 billion was allocated across 21 crypto-focused venture funds, according to data from Galaxy Digital.
This is far below the amounts raised during past bull markets when money poured into blockchain projects at a faster pace. Galaxy also reported that the rise in artificial intelligence has taken some attention away from crypto investments.
It also noted that spot exchange-traded funds (ETFs) and treasury products are now competing for institutional money, which has reduced the flow of capital to venture funds.
Theta’s Track Record in Blockchain
Theta has built experience in this space over several years. The company was founded in 2001 but shifted its focus to digital assets in 2018. Today, it manages about $1.2 billion in assets.
Earlier this year, it closed another fundraising round worth about $170 million and has built a track record across five earlier blockchain vehicles. From January 2018 through December 2024, those funds returned a net IRR of 32.7%, according to materials shared with investors.
The firm’s blockchain portfolio includes some of the biggest names in the industry. Pantera Capital, CoinFund, Polychain Capital, and Dragonfly are among the venture firms backed by Theta in earlier funds. These managers are active in many parts of the digital asset market, including decentralized finance projects, blockchain infrastructure, and token-based startups.
If the new fundraising succeeds, the $200 million raise will mark the sixth fund under Theta’s blockchain series.
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