CMT Digital, a venture capital firm based in Chicago and focused on digital assets, has successfully closed its fourth investment fund, securing $136 million to fuel the development of the next generation of blockchain-based startups. This new fund comes at a time when overall venture capital activity in the crypto sector has slowed, making the raise one of the more notable successes in the current market environment.
The firm intends to deploy the capital into companies building foundational blockchain infrastructure and innovative fintech solutions. With increasing regulatory clarity and a growing wave of institutional interest in digital assets, CMT Digital believes that the timing is ideal to support entrepreneurs shaping the future of decentralized technologies.
Sam Hallene, an investment partner at CMT Digital, revealed that the fund attracted a diverse pool of backers, including high-net-worth individuals, institutional players, and family offices. However, he declined to disclose the identities of the investors involved. Despite the challenging macroeconomic backdrop, Hallene emphasized the firm’s long-term conviction in the crypto and blockchain space, stating, “As the world continues to move on-chain, we believe the most transformative ideas are still ahead.”
Approximately 25% of the newly raised capital has already been allocated to early-stage ventures, particularly in the stablecoin ecosystem. Among the first beneficiaries are Coinflow and Codex, startups focused on redefining how stable digital currencies can be issued, managed, and integrated into broader financial systems. These initial investments reflect CMT Digital’s broader thesis centered around fintech disruption, though the firm remains open to emerging verticals within the digital asset landscape.
This $136 million fundraise stands out amid a broader downturn in crypto venture capital activity. While Bitcoin prices have reached fresh highs in 2025 and regulatory signals from the U.S. government have leaned favorable, overall VC investment in the space remains sluggish. Data from PitchBook indicates that just $7 billion was deployed across 751 deals in the first half of 2025 — a stark contrast to the $30.3 billion invested during the peak year of 2022.
Despite the current investment slowdown, several blockchain companies that went public in 2025 have delivered remarkable performances on the stock market. Circle, a prominent stablecoin issuer and one of CMT Digital’s early portfolio companies, experienced a 167% surge during its debut on the New York Stock Exchange in June. Similarly, Figure, a blockchain-based lending platform, saw its shares rise approximately 24% after its September listing on Nasdaq. In August, Bullish — a hybrid crypto exchange and media firm — launched on the NYSE with an impressive 218% rally on its first trading day.
CMT Digital’s track record in identifying high-potential ventures early has added to its credibility among investors, reinforcing confidence in its latest fund. The firm’s strategic focus on core infrastructure and utility-driven projects suggests a continued commitment to supporting companies that offer real-world use cases for blockchain technology.
Beyond stablecoins and exchanges, CMT Digital is reportedly exploring investments in areas such as decentralized identity, tokenized real-world assets, and blockchain-based payment systems. As financial systems increasingly move toward decentralization and automation, these sectors are expected to play a pivotal role in shaping the digital economy of the future.
Institutional involvement in crypto has also evolved significantly, with traditional financial institutions showing renewed interest in blockchain applications that go beyond speculative trading. This trend is creating a fertile ground for startups that offer enterprise-grade solutions in compliance, custody, and cross-border payments — areas that CMT Digital may consider in the deployment of the remaining fund capital.
Additionally, the firm is paying close attention to regulatory developments, particularly in key jurisdictions like the United States and the European Union. Clearer legal frameworks are expected to unlock new investment opportunities by removing some of the uncertainty that has historically discouraged capital deployment in the sector.
CMT Digital’s approach also includes active support for its portfolio companies beyond financial investment. The firm provides strategic guidance, access to a wide network of partners, and assistance with navigating the complex legal and operational challenges inherent in building blockchain businesses.
Looking ahead, CMT Digital anticipates that 2025-2026 could mark a turning point for the industry, driven by maturing technologies, scalable infrastructure, and a new wave of entrepreneurs who are building with compliance and utility in mind from day one.
In summary, despite a cautious funding environment, CMT Digital’s $136 million raise signals a strong vote of confidence in the long-term potential of blockchain innovation. By targeting infrastructure, fintech disruptors, and emerging use cases, the firm aims to back the builders who will define the next chapter of the digital asset revolution.