Chicago-based crypto venture firm CMT Digital has raised $136 million for its fourth venture fund, investment partner Sam Hallene told Fortune. The fund closed in early October 2025 and attracted family offices, wealthy individuals, and other institutions. Moreover, Hallene said trust from existing and new investors helped the firm succeed.
The firm originally aimed to raise $150 million starting in June 2024. Although it fell short of the target, Hallene said the fund performed well despite a tough economic environment. “It was a difficult environment, but we got a lot of trust from our LPs—existing LPs and new LPs,” he told Fortune.
CMT Digital has already used about 25% of the new fund. For example, investments include stablecoin startups Coinflow and Codex. The firm continues to back companies that challenge traditional finance while staying open to new opportunities. Additionally, Hallene added, “I would hope that we would see one or two new categories that pop up and have a very compelling reason to exist.”
The company has a strong track record. Previously, investments include Circle, Figure, and Consensys. Circle and Figure recently went public, and Consensys has hired bankers for a planned IPO. In fact, the firm has invested in over 150 crypto-related companies since its launch in 2018.
Crypto venture funding has been slower than past years. So far, year-to-date, firms have deployed just over $12.45 billion, compared to $13.3 billion in Q1 2022 alone. Despite record prices for Bitcoin and Ethereum, venture capital faces challenges from high interest rates and a slow IPO market.
CMT Digital is part of CMT Group, a Chicago-based trading firm founded in 1997. Today, the digital asset arm is the group’s largest business area. Hallene said the firm aims to support startups that can grow and shape new markets in crypto while continuing to back strong and innovative teams.
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