An affiliate of Bain Capital, Bain Venture Capital announced the launch of a $560 million crypto fund. The fund named Bain Capital Crypto is headed by Stephen Cohen and will focus extensively on the crypto market.
The fund, which was filed for in September and closed by November, has already invested $100 million into various crypto-related efforts, which are yet to be disclosed.
“We’ve become quite high conviction we are at the beginning of a multi-decade technology shift,” says Cohen, which explains why a specific fund was formed for this market, even though Bain Capital Ventures has been investing in it since the past seven years.
Previous investments by this venture capital saw money being infused in companies like BlockFi Inc., Compound, Lollies and Digital Currency Group.
This fund, however, will focus on crypto-focused startups, DAOs, Layer 1 blockchains (such as Ethereum), and even storage.
Claiming that “We are unfazed and in some ways uninterested in short-term market gyrations. We embrace the uncertainty of this market, we are long-term believers.” This fund seems to be betting on long-term returns on their plans of investing in around 30 companies in the upcoming 2-3 years.
Including scientists and engineers, the fund’s team of seven is looking to invest in companies wherein they can participate and play an active role in the company’s governance.
Thus the fund might invest in company equity or simply acquire tokens from the DOA’s treasuries or the secondary market.
