Bain Capital Crypto is gearing up to launch its second fund, according to a filing with the U.S. Securities and Exchange Commission. This move follows the launch of its first crypto fund in March 2022, which raised $560 million. The initial fund was introduced just before the dramatic collapse of Do Kwon’s Luna, an event that precipitated a significant downturn in the crypto market. Despite this challenging environment, Bain Capital remained an active investor throughout 2022 and 2023.

The firm’s investment activities included participation in notable funding rounds such as Sam Altman’s $115 million Worldcoin fundraiser, privacy protocol Nocturne Labs, and decentralized exchange aggregator Flood. These investments reflect Bain Capital Crypto’s commitment to supporting innovative projects in the decentralized finance (DeFi) and Web3 sectors.

The first fund, co-led by Stefan Cohen and Alex Evans, is focused on early-stage investments and liquid tokens. The fund has already allocated nearly $100 million to various projects and has been actively involved in protocol governance, demonstrating its hands-on approach to nurturing and growing its portfolio companies.

Bain Capital Crypto’s strategy emphasizes the potential of DeFi and Web3 technologies to transform traditional financial systems and create new, decentralized economic models. By investing in early-stage ventures and participating in their development, Bain Capital aims to drive innovation and support the growth of the broader crypto ecosystem.

The decision to launch a second fund underscores Bain Capital Crypto’s confidence in the long-term prospects of the cryptocurrency and blockchain sectors. While the firm has not provided specific details about the new fund, its track record suggests a continued focus on high-potential, early-stage projects that can benefit from its strategic guidance and financial support. Despite the crypto market’s volatility, Bain Capital Crypto’s sustained investment activity signals a belief in the resilience and future growth of the sector. The firm’s involvement in significant projects and its proactive approach to governance highlight its commitment to fostering a robust and dynamic crypto landscape.

Bain Capital Crypto has declined to comment on the specifics of the new fund, citing compliance concerns through its public relations agency. However, the filing with the SEC indicates that preparations for the second fund are well underway, positioning Bain Capital Crypto to continue its influential role in the evolving world of decentralized finance and blockchain technology.

This development marks another step in Bain Capital Crypto’s journey as a key player in the crypto investment arena, with its second fund poised to build on the successes and lessons learned from its inaugural venture.