776 Management, the VC firm owned by Reddit co-founder Alexis Ohanian, has raised $500 million for two new funds primarily focused on crypto.
The Wall Street Journal reported the news on Tuesday, with a comment from Ohanian that crypto "will be the majority of the portfolio by the end of this year."
The firm, which derives its name from the year of the first recorded Olympic Games, already counts crypto stalwarts such as gaming company Sky Mavis, bitcoin rewards startups Lolli and crypto tax company CoinTracker.
This comes at a time of crypto funding frenzy in the private market. Last month, it was reported that Andreessen Horowitz is planning to raise up to $4.5 billion for two new crypto funds. Former a16z partner Katie Haun is also said to be raising close to $900 million for a new venture capital firm and in November, crypto VC firm Paradigm launched a $2.5 billion fund for web3 companies and protocols.
News of the new fund comes four months after Ohanion earmarked $100 million to invest in building out a decentralized social media network to run on the Solona blockchain.