Meltem Demirors, a well-known figure in the blockchain industry, is launching her own venture firm, Crucible Capital. According to forms filed with the Securities and Exchange Commission on Tuesday, Crucible Capital is raising two separate funds, aiming for $30 million and $45 million respectively.
Demirors, who has amassed significant experience at digital asset investment firm CoinShares and has a strong presence on Crypto Twitter with 263,000 followers, will serve as the managing member of the general partner for Crucible Capital. While the forms indicate that the funds have yet to receive outside capital, this does not necessarily rule out informal funding commitments or previous raises through other corporate vehicles. Demirors has declined to comment on the filings.
The cryptocurrency sector has experienced significant volatility in 2024, with prices hitting all-time highs but also suffering sharp declines, such as the major crash on Monday, the worst since 2022. Despite this, the venture industry has shown renewed interest in the sector. The median size of deals increased from $3 million in the first quarter to $3.2 million in the second quarter, as reported by Galaxy Research. Significant raises have been seen across the industry, including Paradigm’s new $850 million fund announced in June.
While Crucible Capital’s target of $75 million is modest compared to some larger funds, the filings reflect sustained investor interest in the digital assets sector, particularly as the political climate around cryptocurrency in the U.S. appears to be improving.
Demirors, who left CoinShares in January, has already assumed her role as general partner at Crucible Capital. She is scheduled to speak at Korea Blockchain Week in September. Crucible Capital’s website describes the firm as a seed-stage investment fund focusing on digital infrastructure, capital markets, and marketplaces.
