A Strategic Bet on Crypto: Theta Blockchain Ventures IV

Amsterdam-based Theta Capital Management has launched its new $175 million fund, named Theta Blockchain Ventures IV, with the goal of empowering early-stage blockchain startups through seasoned crypto VC firms. The fund specifically targets investment managers with a deep understanding of the blockchain ecosystem.

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“We’ve always looked for areas where specialization offers a sustainable edge,” said managing partner Ruud Smets. Theta, which pivoted toward digital assets in 2018, has backed top crypto investors like Polychain Capital, CoinFund, and Castle Island Ventures.

Crypto VC Rebounds as Market Confidence Grows

The announcement coincides with signs of revival in crypto venture capital. According to Galaxy Digital, VC funding for digital assets surged by 54% in Q1 2025, reaching $4.8 billion. Although deal count declined year-over-year, the capital inflow doubled compared to Q1 2024, signaling renewed investor confidence.

PitchBook data reveals that most capital was funneled into asset management, trading platforms, and crypto financial services — totaling $2.55 billion across only 16 deals. Infrastructure and development firms followed with nearly $955 million, while Web3 companies secured $231.2 million across 23 deals.

Looking ahead, Circle’s anticipated IPO may become the sector’s next pivotal moment. If it exceeds the rumored $4–$5 billion valuation, experts believe it could attract significant late-stage capital and reshape the valuation landscape. With $1.18 billion in VC raised, PitchBook estimates a 64% likelihood that Circle will go public.

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This new directive from Trump is expected to explicitly roll back the measures introduced as part of “Operation Chokepoint 2.0.” This alleged initiative by the Biden administration aimed to block banking services for crypto companies and executives.

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Bo Hines, Executive Director of the White House’s Presidential Working Group on Digital Assets, confirmed to Decrypt that an administrative process is underway, although he declined to provide further details. Hines stated, “I think the industry can expect something in short order.”

Hines also emphasized that the Trump administration is determined to end all practices associated with Operation Chokepoint 2.0. The term was coined by Nic Carter, a partner at Castle Island Ventures, referencing the original “Operation Choke Point” initiated during the Barack Obama era, which targeted payday lenders and firearms dealers.

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The funding round attracted participation from several prominent cryptocurrency investment firms, including CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi. This influx of capital will be used to further develop Andrena’s decentralized autonomous wireless network (DAWN) and expand its reach.

A Bold Vision for Decentralized Internet

Andrena envisions a world where individuals and communities can create and own their internet infrastructure. By leveraging solar energy and blockchain technology, the company aims to provide affordable and reliable internet access to underserved regions.

“We’re building the equivalent of solar panels for the internet,” said Neil Chatterjee, co-founder of Andrena. “People will be able to create their own networks and sell excess capacity back into the system.”

Strong Investor Interest

The company initially set a target of $5 million for the funding round but exceeded expectations by a significant margin. “We received overwhelming interest from investors,” Chatterjee said. “This funding will enable us to accelerate our development and expand our operations.”

Andrena has been providing internet services in 10 US states since 2019 and has been developing its DAWN system since late 2021. While a specific timeline for the token launch has not been announced, the company plans to leverage blockchain technology to incentivize network participation and governance.

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Nomic, which operates with its native token NOM, has partnered with the bitcoin staking protocol Babylon to introduce the LST. This collaboration aims to enhance Nomic’s security by allowing dual-staking using staked Bitcoin and staked NOM, as per a statement from Nomic developers.

Through Babylon, individuals can stake their bitcoin to Nomic, earning rewards in NOM and nBTC, which can be redeemed for bitcoin. The nBTC cryptocurrency represents a 1:1 ownership of bitcoin in a token format compatible with the Inter-Blockchain Communication Protocol (IBC). This standardized protocol enables seamless transactions between various blockchains, allowing users to utilize nBTC on decentralized platforms like Cosmos exchange Osmosis, the Cosmos Hub, and other DeFi protocols.

Nomic plans to conduct a funding round later this year. While stBTC is currently in the testing phase, it will transition to the mainnet once Babylon does the same, according to a spokesperson from Nomic. Turbofish, a blockchain technology firm, is the founder and contributor to Nomic.

Turbofish CEO Matt Bell emphasized the significance of Nomic and Babylon in providing essential primitives to Bitcoin, such as decentralized custody and staking. He stated, “By pairing the two, their impact is magnified, making a more practical solution for the average Bitcoin holder to earn yield through staking. With innovations like stBTC emerging, Bitcoin DeFi now has the potential to compete with the trading volumes and total value locked of Ethereum DeFi.”

Babylon’s progress

Babylon enables BTC holders to earn rewards by staking their assets on proof-of-stake blockchains. The platform’s developers initiated its first testnet on Feb. 28 this year.

In early December 2023, Babylon secured $18 million in a Series A funding round co-led by Polychain Capital and Hack VC, with additional backing from Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital.

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According to the Web3 firm, the funding is being directed towards the launch of a new suite of non-custodial wallet tools. The company said in a statement that the new features will help wallet developers “remove the complexity of crypto.”

Dynamic Labs said in a statement,

“We are excited to announce our $13.5M Series A, led by a16z crypto, with participation from Founders Fund, Castle Island Ventures, Breyer Capital, Nikil Viswanathan Joe Lau from Alchemy, and others. This funding will help accelerate our work to support builders who are making these incredible things possible,”

Dynamic Labs plans to launch new and non-custodial wallet tools to provide developers with the ability to incorporate FaceID and TouchID into web3 wallet design. This will help to facilitate the creation of a wallet login process that is specifically designed for mobile users.

Dynamic Labs Launches SDK v1

Dynamic Labs also announced that SDK v1 was officially launched on the day it closed its funding round. This new software development kit includes fundamental architecture improvements, a reduced package size, and a transition to the Viem TypeScript library.

The new SDK also includes customization options, the ability to connect multiple wallets in both authentication and connection modes, and an email login feature that can be integrated with existing wallet solutions.

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