CMT Digital, the Chicago-based venture capital firm, has successfully closed its fourth investment fund, Fund IV, securing $136 million. This amount falls short of the initial $150 million target but demonstrates continued investor interest in the digital asset space. The capital was raised from a diverse group of family offices, high-net-worth individuals, and institutional limited partners, though specific backers were not disclosed.
According to partner Sam Hallene, the firm has already deployed 25% of the fund, with notable investments in stablecoin startups such as Coinflow and Codex. The fund's primary focus is on early-stage startups building foundational infrastructure and decentralized finance (DeFi) protocols, aligning with CMT Digital's strategy of "re-architecting finance" through blockchain-native solutions.
Hallene emphasized the firm's optimism, stating, "As the world continues to move on chain, we believe the most transformative ideas are still ahead. With fresh capital, trusted partners, and a proven platform, we’re ready to help the next generation of visionaries build." This raise comes against a challenging backdrop: crypto venture funding plummeted 59% in Q2 2025, with startups securing only $1.97 billion across 378 deals, making it the second-weakest quarter for VC activity since late 2020.
CMT Digital, an offshoot of the quantitative trading firm CMT Group, has a track record spanning nearly a decade and over 200 investments. Past funds have backed industry pillars like Coinbase, BitGo, Consensys, dYdX, Ethena, and Sky Mavis, with recent successes including Circle (issuer of USDC) and Figure, both of which went public in 2025. Fund IV aims to build on this legacy by supporting projects that displace traditional finance and drive Web3 adoption.
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