According to Bloomberg, crypto investment firm Theta Capital Management plans to raise $200 million for a new blockchain fund of funds. The newly established fund, called Theta Blockchain Ventures V, will invest in 10 to 15 venture capital firms focused on digital assets, with a target net internal rate of return of 25%.

Founded in 2001 and headquartered in Amsterdam, Theta shifted its focus to digital assets in 2018. It currently manages approximately $1.2 billion in assets and recently completed a funding round exceeding $170 million. Across its five funds in the Theta Blockchain Ventures portfolio, Theta achieved a net internal rate of return (IRR) of 32.7% from January 2018 to December 2024. Theta's portfolio includes prominent cryptocurrency venture capital firms such as Pantera Capital, CoinFund, Polychain Capital, and Dragonfly.