Theta Capital Management is seeking to raise $200 million for its latest blockchain fund-of-funds, marking its sixth dedicated vehicle for digital assets. The Amsterdam-based investment firm said the new fund, Theta Blockchain Ventures V, will allocate capital to 10 to 15 venture firms specialising in crypto and blockchain projects.
A spokesperson confirmed the fundraising plans to Bloomberg, noting that the fund is targeting a net return of 25%. The effort comes at a time when venture capital activity in the crypto sector remains muted despite rising token prices. Data from Galaxy Digital shows that just $1.7 billion was raised across 21 crypto-focused funds in Q2 2025—a sharp drop compared to previous bull markets when capital flowed more freely into blockchain projects.
Analysts suggest that competition from other asset classes, including spot exchange-traded funds (ETFs) and treasury products, has diverted institutional money away from crypto. The growing dominance of artificial intelligence has also shifted investor attention.
Theta, which manages $1.2 billion in assets, has built credibility in the blockchain sector since pivoting to digital assets in 2018. Its five earlier blockchain vehicles, launched between 2018 and 2024, delivered a net IRR of 32.7%. Earlier this year, the firm closed a $170 million round. Its portfolio includes stakes in leading venture firms such as Pantera Capital, Polychain Capital, CoinFund, and Dragonfly, which are active in areas from decentralised finance to blockchain infrastructure.
If successful, the $200 million raise would extend Theta’s track record in backing crypto’s leading venture investors while testing whether institutional appetite for blockchain remains resilient amid shifting market conditions.
