Bain Capital Crypto is planning to launch a second fund, according to a U.S. Securities and Exchange Commission filing.
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 fundraise, privacy protocol Nocturne Labs and decentralized exchange aggregator Flood.
Co-led by Stefan Cohen and Alex Evans, the first fund focuses on early-stage investments and liquid tokens in the decentralized finance (DeFi) and Web3 sectors and has already invested nearly $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.