Share this article
Alexis Ohanian’s VC Firm to Focus on Crypto With $500M Capital Raise
The Reddit co-founder's 776 Management has raised two new funds and plans to make the majority of its investments in crypto startups.
By Ian Allison
Updated May 11, 2023, 4:05 p.m. Published Feb 1, 2022, 5:43 p.m.
Reddit co-founder Alexis Ohanian’s capital venture firm 776 Management plans to focus on crypto in the coming year, having raised $500 million across two new funds.
The newly launched Funds II include an early stage-focused $300 million vehicle, and a $200 million fund that will invest in Series A and B funding rounds. The Wall Street Journal was the first to report the news.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“With the current trajectory of talented product designers and engineers, yes, a majority of our future investments will likely be in crypto, but we follow the lead of the smartest founders we meet, so if they keep building in Web3, we’ll keep funding them,” Ohanian told CoinDesk via email.
Crypto investments now account for about 40% of the firm's portfolio, according to the Journal. They include play-to-earn video game pioneer Axie Infinity, bitcoin rewards startup Lolli and crypto tax company CoinTracker.
The new funding brings 776’s total assets under management to $750 million, the firm said in a press release.
VC money is flooding into crypto, with firms such as Paradigm, Sequoia and Tiger Global deploying billions of dollars into “Web 3,” a more decentralized version of the existing internet.
Ohanian was one of the early investors in Coinbase, the cryptocurrency exchange that went public last year at a valuation of over $85 billion. Most recently, 776 teamed up with Ethereum-scaling platform Polygon to create a $200 million initiative to invest in social media and Web 3-based projects.
“We feel a deep responsibility to help usher in this new age of technology, with intention – both through the founders we choose to invest in and how we support them in their important work,” Ohanian said in a statement.
UPDATE (Feb. 1, 18:11 UTC): Removes “Report” from headline, adds statement from Ohanian.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
What to know:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
Top Stories
