Blockchain investment firm Pantera Capital is seeking to raise up to $175 million for its third crypto venture fund, TechCrunch reported.

According to the SEC filing, Venture Fund III has already raised more than $71 million from 90 investors, which firm partner Paul Veradittakit calls a “first close.” Previously, the company had announced that the first Venture Fund III closing will be on June 30th and the final closing expected sometime around the end of the year.

CoinDesk reported that the company at least raised $13 million for its Venture Fund II in 2016 and $25 million for its ICO Fund in 2017.

Commenting on the $175 million target, Veradittakit told TechCrunch that the amount is a “function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds. With more interesting later-stage investments [on our radar], too, we want to be flexible and able to move with the market.”

On Wednesday, August 15, Pantera announced that Venture Fund III has already made its first investment in the recently announced Bakkt – a cryptocurrency trading platform launched by Intercontinental Exchange, the parent company of the New York Stock Exchange. In fact, Pantera is one of the founding investors in Bakkt.

Pantera has invested in a number of companies in the crypto and blockchain space including Bitstamp, Korbit , BitOasis, Shapeshift, Circle, Civic, OmiseGo, Ripple, and many others.