CMT Digital raises $136 million for fourth crypto VC fund, falling short of $150 million target

CMT Digital, a Chicago-based crypto venture firm, has raised $136 million to support a fourth fund, according to Fortune on Wednesday. 

The fundraise closed in early October and attracted a mix of family offices, high-net worth individuals, and other institutions, including new and existing LPs,  investment partner Sam Hallene told Fortune .

CMT reportedly began raising for its fourth fund as early as June 2024 — targeting $150 million , an amount it fell short of, due in part to a weak crypto investment cycle and macroeconomic uncertainty. Its previous funds brought in $25.5 million, $130 million, and $100 million.

Crypto venture funding has had its best year since the market crash in 2022, though total fundraising remains muted compared to the pandemic-era bull market. Year-to-date, venture firms have only deployed a little over $12.45 billion, with $5.23 billion invested in Q1 2025, according to The Block Pro’s data . 

In comparison, VCs distributed $13.3 billion in Q1 2022 alone, the largest quarter for crypto venture funding on record. 

According to Hallene, CMT has already deployed about a quarter of its latest fund, including investments in stablecoin startups Coinflow and Codex, Fortune reported. The firm previously backed stablecoin issuer Circle (ticker CRCL), which went public this year, and Ethereum studio Consensys, which is gearing up for a public offering. 

Established in 2018, CMT Digital is an offshoot of the quantitative trading firm CMT Group. The firm has invested in more than 150 crypto-related companies.