Bain Capital Crypto Raising Second Fund: Filing

Bain Capital Crypto plans to launch a second fund, according to a filing with the U.S. Securities and Exchange Commission.

Bain Capital launched its first crypto fund in March 2022. The $560 million fund, launched just before the collapse of Do Kwon’s Luna, triggered a massive rout in the crypto market. Despite the ensuing crypto winter, Bain Capital was an active investor throughout 2022 and 2023, participating in rounds such as Sam Altman’s $115 million Worldcoin fundraising, privacy protocol Nocturne Labs, and decentralized exchange aggregator Flood.

The first fund, co-led by Stefan Cohen and Alex Evans, focuses on early-stage investments and liquid tokens in the decentralized finance (DeFi) and Web3 sectors and has already invested around $100 million in projects while actively participating in protocol governance.

Bain Capital Crypto declined to comment on the new fund through its public relations agency, citing compliance concerns.