According to Bloomberg, crypto investment firm Theta Capital Management plans to raise $200 million for a new blockchain fund-of-funds. The new fund, called Theta Blockchain Ventures V, will invest in 10 to 15 venture capital firms focused on digital assets, targeting a 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 the five funds in the Theta Blockchain Ventures series, Theta's portfolio achieved a net internal rate of return (IRR) of 32.7% from January 2018 to December 2024. Theta's portfolio includes well-known cryptocurrency venture capital firms such as Pantera Capital, CoinFund, Polychain Capital, and Dragonfly.