Bitkraft Ventures Doubles Down on Web3 Gaming with New Leadership

Bitkraft Ventures, a leading early-stage game investment firm managing $1 billion in assets, is doubling down on its Web3 gaming strategy by promoting key leaders and expanding its team. Carlos Pereira has been elevated to general partner, Jonathan Huang to partner, and Matt Halstead, a seasoned institutional investor with deep Web3 experience, has joined as a venture partner. This leadership boost signals Bitkraft’s strong commitment to blockchain-enabled gaming despite the sector’s challenges.

Since 2021, Bitkraft has led investments in pioneering Web3 gaming companies such as Immutable, a blockchain dedicated to gaming; Eve Frontier, a blockchain-enabled title from the creators of EVE Online; and Karate Combat, a tokenized MMA league with over 100 million monthly impressions. These investments reflect Bitkraft’s thesis that blockchain technology will redefine digital rights, property, identity, and economies within gaming and creator monetization.

Despite skepticism and a high failure rate among Web3 game startups—around 93% have struggled with token launches—Bitkraft believes the market is maturing. Carlos Pereira explains that their portfolio companies with tokens represent nearly half of the category’s overall market capitalization, even though they constitute less than 5% of total category funding. This suggests Bitkraft’s strategic edge in identifying promising opportunities where others may hesitate.

Pereira highlights several portfolio successes that demonstrate competitive quality and user engagement, including Boxed with nearly $30 million in annual recurring revenue, Cambria’s high monetization seasons, and Mythical Games’ sports properties with strong unit economics. These examples underscore that while Web3 gaming is a long-term play, the direction is promising and the foundational infrastructure is improving rapidly.

Jonathan Huang’s promotion strengthens Bitkraft’s presence in Asia, a key region for both Web2 and Web3 innovation. With a decade of experience in consumer platforms and creator ecosystems, Huang focuses on emerging monetization models reshaping the gaming industry. Meanwhile, Matt Halstead’s arrival brings institutional credibility and a visionary perspective on bridging digital and physical worlds through Web3, reinforcing Bitkraft’s position as a leader in blockchain gaming investments.

Bitkraft’s Web3 Gaming fund, launched in 2021, marked a strategic expansion beyond traditional early-stage equity investing into new asset classes and emerging markets within interactive media. The firm’s growth, including a strategic minority investment from Blue Owl and a new presence in India, reflects the global scale and potential of blockchain-enabled gaming and digital assets.

In the words of Carlos Pereira, "Web3 has unlocked new creative and economic models for developers, players, and communities." Bitkraft’s commitment to this vision is evident in its active participation and investment in the space, helping to build the future of gaming and digital experiences. The firm’s leadership believes that as infrastructure and distribution challenges are overcome, Web3 gaming will realize its transformative potential.

Bitkraft’s strategic moves come at a pivotal moment when blockchain adoption is scaling and new economic models are proving sustainable. Their enhanced leadership team, combining deep Web3 expertise and institutional investment experience, positions the firm to capitalize on the next generation of Web3 founders and innovations. This approach not only supports the gaming industry’s evolution but also signals growing institutional confidence in blockchain’s role in digital entertainment.