CMT Digital closed its fourth venture fund with $136 million to back early-stage blockchain and web3 investments, signaling continued investor confidence despite a cooling venture market.

The fund’s thesis evolved across four funds: Fund I opened access to crypto, Fund II built on-chain infrastructure, Fund III expanded utility, and Fund IV aims to re-architect global finance with blockchain-native rails.

Statements from Sam Hallene and portfolio leaders emphasize backing bold on-chain visionaries and providing hands-on support through fundraising, hiring, and product development.

Leadership reiterates belief in on-chain transformation and ongoing backing of crypto infrastructure and applications.

Hallene sees potential for new, compelling crypto categories to emerge and notes the fund’s value as an early backer of future innovations.

He also signals openness to emerging opportunities and a goal to be among the first investors in any category demonstrating real value.

The fund’s release includes standard disclosures that it is informational, not investment advice, with typical risks and non-representativeness caveats.

FAQs outline the strategy: early-stage focus on DeFi, Web3, scaling, and dApps, with rationale for investing in downturns and expected ecosystem benefits, reflecting leadership’s traditional finance and crypto backgrounds.

Industry observers view the fund as a validation of blockchain’s long-term potential and a signal to the market of sustained investor commitment to early-stage crypto innovation.

Analysts note the fundraising comes as major players move toward IPOs or further rounds, potentially catalyzing a renewed liquidity cycle for crypto ventures.

Regulatory clarity and rising institutional engagement in digital assets provide context for the fund’s timing and strategy.

The suite of challenges includes regulatory uncertainty, technical risks of new protocols, market volatility, and competition from other funds, though experienced management is positioned to mitigate these risks.