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Esports

Michael Bay drops cryptic teaser for Skibidi Toilet movie as film begins production

by admin May 21, 2025



Production on Michael Bay’s Skibidi Toilet movie has officially begun, and the director has already shared a weird teaser that’s left fans confused… and excited.

In February 2023, Alexey Gerasimov – via his YouTube channel DaFuq!?Boom! – uploaded an 11-second video of a man’s head emerging from a toilet singing a nonsensical version of Timbaland’s ‘Give It To Me.’ It spawned the world of Skibidi Toilet, one of the internet’s strangest and biggest sensations.

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Without getting too deep into the lore, it has a simple story: the Skibidi Toilets try to take over the human race, sparking a war against the Cameramaen, Speakermen, and TV-men. However, down the line, they need to contend with the Astro Toilets, a race of extraterrestrial toilets that pose a grave threat to Earth.

Okay, maybe it’s not that simple, but Bay’s involvement makes sense; it is one of the most explosive and irreverent web series ever made, and he’s made some of the best action movies of all time. Now, the film is shooting, and the director is giving fans a taste of what to expect.

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Michael Bay’s Skibidi Toilet teaser leaves fans confused

After Invisible Narratives (Bay’s media company) dropped a press release announcing Skibidi Toilet was in production, the filmmaker posted an Instagram Reel that may indicate what the film is actually about.

The reel shows the Bayhem logo (a term Bay has now trademarked), before you see two people looking up at the sky. “They are coming,” the text on the video reads.

Could it be that the film will mostly revolve around the conflict with the Astro Toilets, with the movie giving more of an overview of the battles between the Skibidi Toilets and humanity’s alliances?

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“Wonder if the Skibidi Toilets are going to be aliens invading Earth. If so, that sounds cool,” one user commented. “Skibidi toilet alien invasion type of movie?” another speculated. “The Skibidi Toilets/Astro Toilets are about to invade Earth,” a third wrote.

DaFuq!?Boom!

Others are still baffled, but that doesn’t mean they’re not hyped. “I seriously, SERIOUSLY cannot f**king believe this is real. Wtf is the STORY even going to be?” one user wrote.

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“This needs to be the most violent, action-packed movie you’ve ever made,” another commented.

Four days prior, Bay posted another reel of an AI-generated street with battered buildings and raging fires. “Don’t worry, not going to use AI in my films – but there is a clue here,” he wrote, and it’s clear now that it’s linked to Skibidi Toilet.

Beyond this, little has been confirmed about what shape the movie will take; will it be live-action or a hybrid with animation, will it include dialogue, and who will star in it? Hopefully these questions are answered soon.

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We know the project has tapped VFX supervisor Rob Legato (who served in the same role on Avatar and Titanic), so you should expect an enormous spectacle.

In an earlier statement, Invisible Narratives CEO Adam Goodman promised that if they ever “decided to go film or television” that it would be “lifted beyond the resources that creators have on the internet.”

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In the meantime, keep tabs on the year’s releases with our 2025 movie calendar and check out our list of the best movies of all time.

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GameFi Guides

Texas House Advances Bitcoin Reserve Bill With Bipartisan Backing

by admin May 21, 2025



In brief

  • The Texas House passed Senate Bill 21 on second reading with a 105-23 vote, advancing it to third reading.
  • An amendment adopted Tuesday requires eligible cryptocurrencies to maintain a $500 billion market cap over 24 months.
  • If enacted, Texas could become the second U.S. state to establish a government-managed Bitcoin reserve, after New Hampshire.

The Texas House of Representatives voted Tuesday to approve Senate Bill 21, its state Bitcoin reserve bill, pushing it past a critical legislative hurdle.

The House began by adopting an amendment from Representative Linda Garcia (D-TX) that doubled the required market capitalization period from 12 to 24 months.

Buoyed by strong bipartisan support, the House passed the Senate Bill 21 with a 105-23 vote, advancing it to a third reading.

The bill is a “forward-thinking measure” that would help recognize digital assets “not as a trend but as a strategic opportunity” key to “strengthening the state’s fiscal resilience,” Giovanni Capriglione (R-TX), its House sponsor, said before the final vote.

Officially dubbed the Texas Strategic Bitcoin Reserve and Investment Act, the bill establishes a framework for the state comptroller to maintain and manage crypto holdings as a “special fund outside the state treasury.”

Initial discussions and proposals for it were first floated in December last year under H.B. 1598.

Under the proposed legislation, the reserve can hold Bitcoin and potentially other cryptos as “a hedge against inflation and economic volatility,” according to the bill text’s House committee version.

The comptroller also needs to submit a report every two years to the legislature on crypto holdings, their value, and any changes during that time. An advisory committee, including crypto investment experts, will guide the comptroller on reserve management.

Progress on Texas’s Bitcoin reserve bill comes roughly two years since the Lone Star state established itself as a major crypto mining hub, consistently ranking as a top choice for crypto mining firms across the U.S.

Still, the bill requires passage on third reading in the House.

Since it was amended, any differences between the House and Senate versions would need to be reconciled before final approval by both chambers.

Only then would it head to the governor’s desk, potentially establishing America’s second state-managed Bitcoin reserve after New Hampshire earlier this month.

The state of Arizona would have followed, but its governor nixed its Bitcoin bill, with only a companion bill for unclaimed crypto being passed two days later.

Edited by Sebastian Sinclair

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Morale at Bungie reportedly in "free fall" after disastrous art plagiarism fiasco and horrendous community-facing live stream
Game Updates

Morale at Bungie reportedly in “free fall” after disastrous art plagiarism fiasco and horrendous community-facing live stream

by admin May 21, 2025


It’s been reported by Forbes that developers at Bungie, the studio behind Destiny 2 and the upcoming extraction shooter Marathon, are tanking some serious damage to their will. According to the report, morale is in “free fall” following revelations that work from artist Antireal was used in Marathon without permission.

Marathon art director Joe Cross and game director Joe Ziegler teamed up for a community-facing livestream on May 16, which was already scheduled prior to news of the plagiarism breaking, but naturally saw the devs address the controversy rather than proceeding as normal. In what proved to be an awkward and frankly hard to watch event, Cross read out an official statement he wrote about what’s next regarding Antireal’s work in Marathon in place of a planned showcase of art which, for obvious reasons, didn’t happen.


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Cross stated: “It came to our attention that an artist who worked on Marathon in the early stages of pre-production took a number of graphic elements from a graphic designer, without permission or acknowledgement, and placed them on a decal sheet that was then checked in in 2020. The decal sheet included icons and text elements. These elements ended up in our alpha build, and there is absolutely no excuse for this oversight, and we are working on, and 100% committed to, our review process to ensure instances like this don’t happen again on Marathon or at Bungie.

“A few of the things that we’ve done to shore up the review process are as follows: We’ve reached out to Antireal to follow up to make sure we do right by this artist. We’re auditing all of the previous work by the internal artist, including environment decals already in the build, which is why we’re delaying some of the content we were going to show today. We’re committed to removing that is questionably or innapropriately sourced. We’re doing a broad decal audit, and if we find any other details or elements, we’ll make sure they are eliminated and recreated in-house for sure.

You can watch the full statement here.Watch on YouTube

“Hundreds of artists have worked on this project for years intenrally and externally, and we share many influences including modernism, Swiss typography, 2000’s style vector art, Cyber Punk, and of course the original Marathon trilogy. Our style is a result of all of those inspirations, and it’s worth noting that none of our external partners who have worked on branding or the visual design of our game were involved in this situation.”

This statement didn’t go down especially well with live viewers of the stream, with the majority of the questions coming from chat live relating to the Marathon art and how exactly Bungie would make right by Antireal. Since this stream wrapped up, community sentiment remains largely sceptical, pending the results of the audit mentioned in the statement.

Enter Forbes’ article, published a day after this stream, in which Paul Tassi reported having been told by staff at Bungie that “the vibes have never been worse”. In addition, he claimed to have been told that the staff are worried what will happen if Marathon bombs. Bungie, having suffered wave after wave of layoffs of recent years, is in desperate need for a big financial win these days.

Tassi also reported that the public-facing explanation for the art theft is the same being given internally, and that legal teams from Bungie and Sony are currently sorting through this issue. Also, the report alleges Marathon was pitched by “good old boy” leadership at Bungie, which it claims has been been ignoring developer input on what Marathon should/shouldn’t have for years, including the idea that the game should have a PvE element – the absence
of which is proving to be a major sour point for some alpha testers.

We recommend reading Forbes’ article for the full report, but it’s safe to say that it’s been a particularly bad few days for Bungie and the Marathon team. Bungie, a company which is no stranger to plagiarism controversy, finds itself stuck in the mud in yet another debacle. This one coming roughly months ahead of the planned release date for Marathon likely spells trouble for the game’s prospects, especially if it can’t shake this negative sentiment.



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Kash Patel, director of the Federal Bureau of Investigation (FBI), during a Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies hearing in Washington, DC, US, on Thursday, May 8, 2025.
Product Reviews

FBI Director Kash Patel Abruptly Closes Internal Watchdog Office Overseeing Surveillance Compliance

by admin May 21, 2025


If there’s one thing the Federal Bureau of Investigation does well, it’s mass surveillance. Several years ago, then attorney general William Barr established an internal office to curb the FBI’s abuse of one controversial surveillance law. But recently, the FBI’s long-time hater (and, ironically, current director) Kash Patel shut down the watchdog group with no explanation.

On Tuesday, the New York Times reported that Patel suddenly closed the Office of Internal Auditing that Barr created in 2020. The office’s leader, Cindy Hall, abruptly retired. People familiar with the matter told the outlet that the closure of the aforementioned watchdog group alongside the Office of Integrity and Compliance are part of internal reorganization. Sources also reportedly said that Hall was trying to expand the office’s work, but her attempts to onboard new employees were stopped by the Trump administration’s hiring freezes.

The Office of Internal Auditing was a response to controversy surrounding the FBI’s use of Section 702 of the Foreign Intelligence Surveillance Act. The 2008 law primarily addresses surveillance of non-Americans abroad. However, Jeramie Scott, senior counselor at the Electronic Privacy Information Center, told Gizmodo via email that the FBI “has repeatedly abused its ability to search Americans’ communications ‘incidentally’ collected under Section 702” to conduct warrantless spying.

Patel has not released any official comment regarding his decision to close the office. But Elizabeth Goitein, senior director at the Brennan Center for Justice, told Gizmodo via email, “It is hard to square this move with Mr. Patel’s own stated concerns about the FBI’s use of Section 702.”

Last year, Congress reauthorized Section 702 despite mounting concerns over its misuses. Although Congress introduced some reforms, the updated legislation actually expanded the government’s surveillance capabilities. At the time, Patel slammed the law’s passage, stating that former FBI director Christopher Wray, who Patel once tried to sue, “was caught last year illegally using 702 collection methods against Americans 274,000 times.” (Per the New York Times, Patel is likely referencing a declassified 2023 opinion by the FISA court that used the Office of Internal Auditing’s findings to determine the FBI made 278,000 bad queries over several years.)

According to Goitein, the office has “played a key role in exposing FBI abuses of Section 702, including warrantless searches for the communication of members of Congress, judges, and protesters.” And ironically, Patel inadvertently drove its creation after attacking the FBI’s FISA applications to wiretap a former Trump campaign advisor in 2018 while investigating potential Russian election interference. Trump and his supporters used Patel’s attacks to push their own narrative dismissing any concerns. Last year, former representative Devin Nunes, who is now CEO of Truth Social, said Patel was “instrumental” to uncovering the “hoax and finding evidence of government malfeasance.”

Although Patel mostly peddled conspiracies, the Justice Department conducted a probe into the FBI’s investigation that raised concerns over “basic and fundamental errors” it committed. In response, Barr created the Office of Internal Auditing, stating, “What happened to the Trump presidential campaign and his subsequent Administration after the President was duly elected by the American people must never happen again.”

But since taking office, Patel has changed his tune about FISA. During his confirmation hearing, Patel referred to Section 702 as a “critical tool” and said, “I’m proud of the reforms that have been implemented and I’m proud to work with Congress moving forward to implement more.” However, reforms don’t mean much by themselves. As Goitein noted, “Without a separate office dedicated to surveillance compliance, [the FBI’s] abuses could go unreported and unchecked.”

An annual transparency report from the Office of the Director of National Intelligence shows that the FBI’s searches for Americans’ information has fallen. Last year, the FBI only used 5,518 query terms about Americans, compared to 57,094 in 2023 and 119,383 in 2022. While this looks like progress, it doesn’t mean that the Office of Internal Auditing’s work is done.

“The FBI should maintain its audits,” Scott said, “and if they do, the FBI must make very clear who is responsible for continuing the internal audits and ensure the oversight gets done.”



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Tom Cruise Is A Movie Theater Popcorn Sicko
Game Reviews

Tom Cruise Is A Movie Theater Popcorn Sicko

by admin May 21, 2025


Tom Cruise is one of the most famous and successful actors in history. He’s starred in huge movies and franchises. He’s pulled off some of the most amazing stunts ever performed on film. And he’s become Hollywood’s ambassador of Going To The Movies. But I can’t relate to any of that. So let’s talk instead about how this famous dude seems be a big movie theater popcorn sicko.

Nintendo Switch 2 Price Is Set at $450 for Now, But Could Go Higher

On May 20, the official Mission: Impossible Twitter account posted a short video of Cruise chatting up AMC employees during a big pre-release screening of the latest entry in the long-running series. As he talks about the upcoming film, Final Reckoning, Cruise can be seen eating popcorn in his distinctive way.

We can also see the famous actor munching on popcorn in this same way in a different video recently posted to social media. Once again, Cruise can be seen carrying a bucket of popcorn with one hand and chucking small handfuls of the snack food into his mouth with the other.

It’s a bit odd, but it looks cooler than how I eat popcorn at a movie theater. (I just grab a big handful of the stuff, smoosh it into my face, and eat it like a pony being fed at a petting zoo.)

If these were the only clips of Tom Cruise eating popcorn, well, I’d not be writing this blog. But this is just the latest evidence that Tom Cruise, the movie star, is a popcorn sicko. Here’s a clip of him leaving that AMC theater while eating more popcorn. There’s also a video of Cruise walking by someone and pointing out that they already ate all of their popcorn before the movie had even started. Here’s a clip from 2015 of Cruise warning people to hold onto their popcorn during that year’s big Mission: Impossible movie, Rogue Nation.

Apparently, before this recent Final Reckoning screening, Cruise asked the assembled audience of critics and reporters if they all had popcorn. Once he seemed satisfied that, yes, they all had plenty of the popular buttery snack, he then admitted how much popcorn he eats during a movie. Cruise reportedly eats two buckets of popcorn while enjoying a film. As someone who has had to routinely leave a movie right before it starts to refill my bucket, I get it, dude.

I am far from the first person to recognize that Cruise really seems to have an affinity for the stuff. In 2023, a short video of Cruise eating popcorn and talking about how much he loved it went semi-viral.

“I love my popcorn. Movies. Popcorn,” said Cruise in the 2023 clip. And I have to agree with the man. Movie theater popcorn rocks.



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(CoinGlass)
NFT Gaming

Bitcoin Futures Zoom to Record Open Interest; DOGE, ADA, XRP Add 3%

by admin May 21, 2025



Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.



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Shaurya Malwa
Crypto Trends

CME's XRP Futures Have Pulled In Nearly $30M Since Debut, Fueling XRP ETF Hopes

by admin May 21, 2025



XRP futures contracts on the Chicago Mercantile Exchange (CME) recorded over $19 million in notional trading volume on their first day and at least $10 million on Tuesday, data shows.

The inaugural trade, a block transaction, was cleared by Hidden Road on May 18. CME's XRP futures are available in two sizes: standard contracts representing 50,000 XRP and micro contracts representing 2,500 XRP. Both are cash-settled and benchmarked to the CME CF XRP-Dollar Reference Rate, calculated daily at 15:00 UTC.

Standard contracts bagged a volume of 7.5 million XRP on Monday and 2.95 million XRP on Tuesday, while micro contracts did 517,000 XRP on Monday and at least 1.2 million XRP on Tuesday.

Market participants see the launch of these regulated futures contracts as a step toward the potential approval of a spot XRP exchange-traded fund (ETF) in the United States.

“Spot XRP ETFs only a matter of time,” Nate Geraci, President of the ETF Store, said in an X post Monday.

Despite the strong debut of the futures contracts, XRP's spot price remained relatively stable, trading around $2.38, with a slight increase of 0.42% over the past 24 hours.



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Logitech G522 Headsets.
Gaming Gear

The newly revealed Logitech G522 Lightspeed could become the new mid-range wireless gaming headset to beat

by admin May 21, 2025



  • Logitech G has revealed the Logitech G522 Lightspeed
  • This wireless gaming headset boasts an impressive feature set and a great microphone
  • It hits shelves on June 16 for $179 / £139.99 / AU$299.95

Gaming accessory brand Logitech G has announced the Logitech G522 Lightspeed, a new wireless gaming headset intended to supersede the popular Logitech G733 Lightspeed.

The G522 Lightspeed features redesigned earcups, with a wider shape and an added layer of memory foam for enhanced comfort. It has a lightweight, adjustable fabric headband, which now rests flatter than its predecessor and has built-in ridges for better cooling.

The exterior of each ear cup features four eye-catching customizable RGB lighting zones, which can be tweaked to the color of your choice in the Logitech G Hub desktop software. It’s also compatible with the Logitech G mobile app.


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Under the hood, the headset is packing Logitech G’s highest-fidelity 40mm Pro-G drivers with 24-bit / 48kHz signal processing for enhanced audio clarity and detail.

The headset comes bundled with a removable omnidirectional microphone, which offers an impressive 16-bit / 48kHz bandwidth. It’s the same microphone found in the excellent, but much more expensive, Astro A50 X, which impressed with its crystal clear recordings in my hands-on testing.

On the Logitech G522 Lightspeed, the microphone has the added benefit of a built-in red LED indicator that illuminates when it’s muted.

As its name would suggest, the headset can connect to PC or PlayStation 5 via Logitech’s Lightspeed wireless dongle (which is included in the box), but also supports traditional Bluetooth for the aforementioned platforms in addition to Nintendo Switch and mobile. There’s also the option for wired play via its USB Type-C connector.

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Logitech claims up to 40 hours of battery life with the default lighting on, or up to 90 hours with it disabled, which is a pretty impressive figure. It’s not quite the up to 200 hours promised by the competing HyperX Cloud III S, but it’s still more than enough juice for a few weeks’ worth of intense gaming sessions.

The Logitech G522 Lightspeed hits shelves on June 16 in white or black colorways. It costs $179 / £139.99 / AU$299.95, putting it in the midrange price bracket.

Its expansive feature set seems very promising, but only time will tell whether it becomes one of the best PC gaming headsets or best PS5 headsets around.

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2025 NBA playoffs: East and West conference finals takeaways
Esports

2025 NBA playoffs: East and West conference finals takeaways

by admin May 21, 2025



May 20, 2025, 11:24 PM ET

The 2025 NBA conference finals have tipped off, with four teams fighting for a spot in the Finals.

The No. 1 seed Oklahoma City Thunder, after a tough seven-game series against the Denver Nuggets, kicked off the Western Conference finals Tuesday night. They defeated Anthony Edwards and the visiting No. 6 seed Minnesota Timberwolves in Game 1 behind Shai Gilgeous-Alexander’s 31 points.

In the East, the No. 3 seed New York Knicks will take on the No. 4 seed Indiana Pacers on Wednesday at Madison Square Garden with two superstars in Tyrese Haliburton and Jalen Brunson going head-to-head in a highly anticipated matchup. The Knicks and Pacers will look to make their first Finals appearance since 1999 and 2000, respectively.

As these elite teams face off, our NBA insiders break down their biggest takeaways from every matchup and what to watch for in both conference showdowns.

More coverage:
Schedules and results | Offseason guides

Western Conference

Game 1: Thunder 114, Timberwolves 88

Biggest takeaways for the Thunder: Oklahoma City’s defense bought the Thunder a half before their scorers settled into a rhythm. The Thunder trailed by only four points at halftime despite All-Star duo Shai Gilgeous-Alexander and Jalen Williams combining to shoot only 4-of-21 from the floor. Then, that tandem seized control, outscoring the Timberwolves by themselves in the third quarter and combining to score 21 to allow Oklahoma City to take a double-digit lead. Chet Holmgren scored nine of his 15 points in a flurry early in the fourth quarter to keep Minnesota at a comfortable distance. The Thunder defense, the league’s top-ranked unit, remained relentless throughout the game. Oklahoma City held Minnesota to 34.9% shooting from the floor and forced 19 turnovers that the Thunder converted into 31 points. — Tim MacMahon

Biggest takeaways for the Timberwolves: If you told the Timberwolves that they would control the first half and have Gilgeous-Alexander miss nearly twice as many shots (17) as he made (10) before Tuesday, they would have liked their chances in Game 1 of the Western Conference finals. There was one problem: For how effective their defense was, their offense was equally inept. If you take away Julius Randle’s 28 points on 9-for-13 shooting, Minnesota mustered just 60 points on 20-for-70 shooting (28.6%).

After building a 48-44 lead through the first two quarters, it was hardly a game after halftime. The Wolves led 60-56 with 7:22 to go in the third, and the Thunder responded with a 17-2 run to open up a double-digit cushion heading into the fourth. Minnesota’s bench support was particularly lacking, with Naz Reid, Donte DiVincenzo and Nickeil Alexander-Walker combining to shoot just 7-for-36 (5-for-28 from 3). Minnesota’s 23-year-old superstar Anthony Edwards tweaked his left ankle in the first half and finished with 18 points on 5-for-13 shooting. The Wolves have much work to do for Game 2, or they’ll be staring at a 0-2 deficit heading back home for Game 3. — Dave McMenamin

play

1:26

Anthony Edwards far from best as Timberwolves lose Game 1

From a technical foul to aggravating an ankle injury, Anthony Edwards had a mixed performance in Game 1 vs. the Thunder.

Game 2: Timberwolves at Thunder (Thursday, 8:30 p.m. ET, ESPN)

What to watch: Whether Minnesota can find a way to score in the paint. The Timberwolves managed just 20 paint points, tying the fewest by any team during this year’s playoffs. Minnesota was averaging 51.6 points in the paint and was coming off 72 while closing out the Golden State Warriors in Game 5 last Wednesday — a playoff high for any team.

Remarkably, Oklahoma City pulled that off while downsizing. Thunder coach Mark Daigneault played his double-big frontcourt of starters Isaiah Hartenstein and Holmgren fewer than eight minutes together — far less than the 14.2 they’ve averaged in the playoffs, per NBA Advanced Stats. And after using Jaylin Williams to defend Nikola Jokic in the conference semifinals, Daigneault went to the smaller Kenrich Williams as a backup center.

What Oklahoma City lacked in size, the Thunder more than made up for with a swarming defense and packing the paint. Oklahoma City dared the Timberwolves to make 3s, much like the Nuggets did the Thunder in the last round. After Minnesota shot 5-of-11 from downtown in the opening quarter, the Timberwolves went 10-for-40 (25%) the rest of the way.

Paradoxically, then, Minnesota’s best hope of scoring inside might be hitting more shots from outside. The Timberwolves will surely do so. Minnesota has made 35% on 3s in the playoffs after ranking fourth in the league at 38% during the regular season. We’ll see how accurate the Timberwolves need to be to pull the Thunder defense out of the paint. — Kevin Pelton



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Theta Capital bags $175m to back Coinfund, Polychain and other crypto VCs
GameFi Guides

Theta Capital bags $175m to back Coinfund, Polychain and other crypto VCs

by admin May 21, 2025



Dutch investment firm Theta Capital closed a $175 million raise to back crypto-specialist VCs through its latest fund-of-funds.

Theta Capital Management has pulled in over $175 million for a new fund-of-funds designed to help institutional investors get exposure to early-stage blockchain startups by backing some of the industry’s top crypto venture firms.

The new fund, dubbed Theta Blockchain Ventures IV, will invest in venture capital firms that specialize in crypto, Bloomberg has learned, referring to Ruud Smets, the company’s managing partner and chief investment officer.

Founded in 2001, the Netherlands-based firm began focusing on cryptocurrencies in 2018 and now manages around $1.2 billion in assets. Theta has previously backed firms like Coinfund, Polychain Capital, and Castle Island Ventures. It’s still unclear though how Theta plans to allocate the newly raised capital.

The raise comes as crypto venture capital activity shows signs of recovery. According to a May 14 report by PitchBook, VC deal value in Q1 rose to $6 billion, more than double the $2.6 billion seen a year ago. However, the number of deals fell to 405 from 670 over the same period.

PitchBook’s senior crypto analyst Robert Le said the $1.4 billion Bybit theft, which he described as the first and only “10-digit hack in history,” served as a stark reminder of the operational risks still present in the industry.

He suggested the incident could drive greater institutional demand for real-time proof-of-reserve tools, improved custody systems, and middleware that simplifies key management. Le also said startups working on these areas might find a more favorable funding environment, even amid a broader reset in valuations.

Despite Bitcoin hitting a record high of $100,000 in Q4 2024, venture capital activity in crypto startups remained flat, with VC deal size down nearly 90% since 2018.



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