CoinShares Alum Demirors Raises $75M for New Crypto VC Fund

• Ex-CoinShares Exec Meltem Demirors launches Crucible Capital for venture funding.
• The firm aims to raise $75 million across two separate funds.
• Crypto venture capital sees increased interest despite market volatility.

Meltem Demirors, a prominent figure in the cryptocurrency sector, has launched Crucible Capital, a new venture firm aiming to raise $75 million across two funds. Known for her influential role as a Chief Strategy Officer at CoinShares, Demirors is now spearheading her own investment initiative to capitalize on the growing interest in digital assets.

Crucible Capital , based in Delaware, has filed with the Securities and Exchange Commission to raise $30 million and $45 million in separate funds . Although the funds have not yet received external capital, according to the filings, there may already be informal commitments or funding through other channels. This launch occurs amid a resurgence of interest in crypto venture capital, even in the face of recent market volatility.

The cryptocurrency market has faced significant volatility in 2024, with record highs followed by sharp downturns, including a major crash earlier this week to an all-time low since 2021. Despite these fluctuations, venture capital interest in the crypto sector is on the rise. According to Galaxy Research , the median size of crypto venture deals increased from $3 million to $3.2 million between the first and second quarters of this year.

Demirors’s new firm will focus on early-stage investments in digital infrastructure, capital markets, and marketplaces. Her departure from CoinShares earlier this year followed a track record of investing in crypto projects including the custody firm Anchorage, the predictions platform Polymarket, and the website naming service Unstoppable Domains.

Crucible Capital joins a crowded field of crypto venture firms, ranging from small outfits focused on niches like gaming and decentralized finance (DeFi) to large-scale operations such as Paradigm and Haun Ventures. Unlike traditional venture capital, crypto-focused firms often engage in active investing strategies involving liquid assets, requiring specific regulatory considerations.

Demirors is set to discuss her new venture and its vision at Korea Blockchain Week in September. Her entry into the market highlights the renewed investor confidence in blockchain technology and digital assets as the regulatory environment in the United States shows signs of improvement.