Crypto venture-capital investment firm Pantera Capital is looking to raise $1.25 billion for its second blockchain fund, Bloomberg reported on Wednesday.

Pantera founder Dan Morehead said at a conference in Singapore that the fund will invest in digital tokens and equity, including shares in company Pantera already owns that have dropped in value.

The crypto industry has been treading water in recent months following its crash in mid-June. The market cap of the crypto market has been fluctuating below the $1 trillion mark since then, while the traditional markets are also experiencing turmoil.

“We want to provide liquidity for people that are kind of giving up because we’re still very bullish for the next 10 or 20 years,” Morehead said.

Pantera itself has suffered an exodus of its executive team of late, with Chief Financial Officer Ryan Davis departing the firm earlier this month. Davis' departure followed those of Chief Technical Officer Terence Schofield and Chief Operating Officer Samir Shah.

Pantera didn't immediately respond to a request for further comment.

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