Theta Capital Targets $200M Blockchain Fund-of-Funds in Major Crypto Push

Venture firm makes power play for institutional crypto exposure.

Fund Strategy

Theta Capital isn't betting on single tokens—it's building a portfolio of blockchain funds. This fund-of-funds approach spreads risk across multiple managers and strategies. The $200 million target signals serious institutional appetite.

Market Timing

The move comes as traditional finance finally warms to digital assets. Pension funds and endowments that once dismissed crypto now seek regulated entry points. Theta's structure offers that gateway—with layers of due diligence built in.

Because sometimes Wall Street needs three degrees of separation before touching 'risky' innovation.

Theta’s Track Record in Blockchain

Theta has built experience in this space over several years. The company was founded in 2001 but shifted its focus to digital assets in 2018. Today, it manages about $1.2 billion in assets. 

Earlier this year, it closed another fundraising round worth about $170 million and has built a track record across five earlier blockchain vehicles. From January 2018 through December 2024, those funds returned a net IRR of 32.7%, according to materials shared with investors.

The firm’s blockchain portfolio includes some of the biggest names in the industry. Pantera Capital, CoinFund, Polychain Capital, and Dragonfly are among the venture firms backed by Theta in earlier funds. These managers are active in many parts of the digital asset market, including decentralized finance projects, blockchain infrastructure, and token-based startups.

If the new fundraising succeeds, the $200 million raise will mark the sixth fund under Theta’s blockchain series.

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