Veteran venture capitalist Tim Draper has launched a new $200 million fund through his firm Draper Associates, according to a recent filing with the U.S. Securities and Exchange Commission.

Dubbed Draper Associates Fund 8, the fund's creation comes during a major upswing for the crypto industry, as the market continues to hit record milestones, Fortune reported on Thursday.

A statement on the firm's website nods to the milestone, highlighting Draper Associates' four-decade legacy in venture capital and its renewed focus on the future.

"With the launch of Draper Associates Fund 8, the team has its eye on the next 40 years," it reads.

The firm has not released additional details, and a spokesperson declined to comment on the specifics.

This new fund marks a significant leap from the firm's previous raise of $124 million in 2022 for Fund 7.

Draper Associates, known for its strong tilt toward crypto and emerging technologies, now manages $2 billion in assets, per its website.

The timing of this latest raise aligns with renewed investor enthusiasm in digital assets.

The overall cryptocurrency market recently crossed a $4 trillion valuation for the first time, fueled in part by recent legislative clarity around stablecoins.

Bitcoin BTC/USD has also surged to fresh highs, breaking above $120,000 in recent weeks.

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Draper, who started his VC journey in 1985 with a $6 million investment pool, is no stranger to early bets on transformative technology.

His portfolio includes early stakes in companies such as Tesla, SpaceX, Hotmail, Skype, Robinhood HOOD, and Baidu.

His crypto credentials became widely recognized in 2014 when he purchased 30,000 Bitcoins for $19 million at a U.S. Marshals auction, acquiring coins previously confiscated from the now-defunct Silk Road marketplace.

That bold bet has grown to an estimated $3.5 billion today.

Over the years, Draper has become a prominent public advocate for Bitcoin, famously forecasting a $250,000 price target multiple times since 2018.

While that prediction hasn’t yet materialized, Bitcoin’s recent performance has brought such valuations closer to mainstream consideration.

Beyond Bitcoin, Draper has invested in a variety of other crypto ventures, including Coinbase COIN, wallet developer Ledger, and decentralized prediction market platform Polymarket, demonstrating a broader commitment to the digital asset ecosystem.

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