Tribe Capital to Launch $75M Crypto Fund

Tribe Capital, a venture capital firm with investments in crypto exchanges FTX and Kraken and other companies in the crypto sector, is launching a $75 million crypto fund, sources familiar with the initiative told CoinDesk.

• The fund initially sought to raise $50 million, but strong interest from investors prompted Tribe Capital to raise the total, according to the sources.

• San Francisco-based Tribe Capital’s fund will focus strictly on the crypto sector, taking long positions in early-stage projects, SAFTs (simple agreements for future tokens, a type of investment agreement that developers use to work with investors), yield farming, treasury buys and mining.

• The fund will make 75% of its investments in U.S. projects and 25% internationally.

• Tribe Capital has invested about 20% of its assets in cryptocurrency projects, according to the sources. Its portfolio includes an investment in Digital Currency Group, CoinDesk’s parent company, and last month, the firm participated in a $10 million Series A funding round for Floating Point Group, which offers custody and algorithmic trading services to institutional investors.

• Arjun Sethi, Tribe Capital’s co-founder, and Jared Madfes, a partner at the firm, will manage the crypto fund.

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