Sequoia Capital Slashes Crypto Fund From $585M to $200M : WSJ

Venture capital giant Sequoia Capital has cut the size of its cryptocurrency fund by more than 65% to $200 million from $585 million, according to the Wall Street Journal, citing people familiar with the matter.

Sequoia told investors earlier in the year that it would shrink the fund to reflect a changed market, with the crypto fund focusing more on backing newer startups following the crypto downturn that has reduced chances to invest in larger companies, according to the Journal.

Recommended for you:

• Giant Bitcoin ‘Taproot Wizard’ NFT Minted in Collaboration With Luxor Mining Pool
• Solana-Based NFT Marketplace Exchange.art to Expand Into Ethereum
• The Silver Lining of a Crypto Market Decline: Tax Savings

The VC firm also cut the size of its ecosystem fund, which invests in other venture funds, by half from $900 million to $450 million, according to the Journal’s sources.

Sequoia had previously made a high-profile $150 million investment in FTX, which collapsed in November.