Quick take:
- The amount fell slightly short of the firm’s initial target of $150 million, according to a statement from June, Fortune reported.
- Launched in the mid-2010s, CMT Digital has become quant trading firm CMT Group’s biggest vertical, according to the report.
- The firm has invested in some of the crypto industry’s most popular projects, including Circle, Figure, and Consensys.
Digital asset-focused venture capital firm CMT Digital, a subsidiary of the popular quant trading firm CMT Group, has closed its fourth fund with $136 million raised. The funding falls short of the company’s initial target of $150 million, according to Fortune, which cited a statement from June.
According to Sam Hallene, an investment partner at the firm who declined to disclose the names of backers, the fundraising attracted participation from a mix of family offices, high-net worth individuals, and some larger institutions.
The announcement comes amid a significant slowdown in VC activity and despite top digital assets Bitcoin and Ethereum setting new record prices.
CMT Digital, whose parent CMT Group claims is its biggest vertical, launched in the mid-2010s. Since then, the firm has invested in some of the most popular crypto projects, including Circle, the issuer of the USDC stablecoin, which went public this year in one of the biggest IPOs in crypto.
CMT also invested in the blockchain-based lending platform Figure, which also went public this year, and the blockchain software developer and analytics company Consensys, reportedly also eyeing an IPO.
Hallene said that CMT Digital has already distributed 25% of the new fund, with some of the notable bets going to stablecoin startups Coinflow and Codex, adding that the company will continue to back projects looking to displace traditional finance.
“I would hope that we would see one or two new categories that pop up and have a very compelling reason to exist,” he said, “and we are looked back on—when this vintage is all wrapped up—as one of the earliest backers of that new category.”
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