Morgan Creek Digital has so far raised $61M for its second blockchain fund; targeting $250M

Quick Take

Morgan Creek Digital has so far raised more than $60 million for its second blockchain fund
The fund is reportedly aiming to raise $250 million
Morgan Creek Digital’s first blockchain fund raised $40 million out of its target of $25 million

Cryptocurrency asset management firm Morgan Creek Digital has so far raised $60.95 million for its second blockchain fund, according to a public filing.

The filing, submitted by the firm to the U.S. Securities and Exchange Commission (SEC) on Friday, shows that the fund, called Morgan Creek Blockchain Opportunities Fund II, LP, started its first offering on Oct. 16 and has raised $60.95 million from 11 investors. The offering is "indefinite," per the filing, meaning it is an ongoing funding round.

Morgan Creek Digital started marketing for the fund in June and is targeting to raise a total of $250 million, according to a report from Hedge Fund Alert. The fund would allocate at least 70% of its assets in startups that use blockchain technology, and the rest directly into cryptocurrencies or hedge funds that trade digital assets, per the report.

For its first fund, Morgan Creek Blockchain Opportunities Fund, LP, the firm raised $40 million out of its target of $25 million, as it was oversubscribed by institutional investors.

Morgan Creek Digital, co-founded by Mark Yusko, Jason Williams and Anthony Pompliano, is an investor in notable firms, including Bakkt and Coinbase, among others.

The first fund saw investments from public pensions, a university endowment, and a hospital system. It is unclear at the moment whether the second fund has also attracted investments from the public sector.

The Block has reached out to Morgan Creek Digital for comment and will update this story if they respond.