CMT Digital Raises $136M to Fund the Next Wave of Blockchain Startups

CMT Digital has raised $136 million for its fourth venture fund, arming the Chicago-based firm to back founders building the next generation of crypto infrastructure and applications. The raise, finalized in early October, stands out as one of the sector’s larger hauls this year, arriving even as venture capital for digital assets remains muted.

The investor base spans wealthy individuals, family offices, and institutions, according to investment partner Sam Hallene, who declined to name limited partners. Roughly a quarter of the capital is already at work, including commitments to stablecoin-focused startups such as Coinflow and Codex. While the fund’s core thesis centers on fintech disruptors, the mandate leaves room for emerging categories that could benefit from improving regulation and growing institutional adoption. As Hallene put it, the most transformative on-chain ideas still lie ahead.

The backdrop has been challenging. Despite Bitcoin’s strength and a more constructive U.S. policy tone, crypto venture totals remain well below the 2021–2022 boom. PitchBook estimates show about $7 billion invested across 751 deals in the first half of 2025, compared with $24.3 billion in 2021 and $30.3 billion in 2022. Against that slowdown, CMT Digital’s new fund signals continuing appetite for targeted, early-stage bets where infrastructure and compliance readiness are now table stakes.

Public markets tell a more upbeat story for select crypto names, including several CMT Digital portfolio companies. Stablecoin issuer Circle jumped 167% in its NYSE debut in June, while blockchain lender Figure gained about 24% after listing on Nasdaq in September. In August, exchange and media company Bullish surged 218% on its first trading day on the NYSE. Those outcomes underscore a widening gap between venture pacing and public-market demand for scaled, regulated crypto businesses—exactly the type CMT Digital says it intends to fund next.