Venture capital giant Sequoia Capital has cut the size of its cryptocurrency fund by more than 65% to $200 million from $585 million, according to the Wall Street Journal, citing people familiar with the matter.

Sequoia told investors earlier in the year that it would shrink the fund to reflect a changed market, with the crypto fund focusing more on backing newer startups following the crypto downturn that has reduced chances to invest in larger companies, according to the Journal.

The VC firm also cut the size of its ecosystem fund, which invests in other venture funds, by half from $900 million to $450 million, according to the Journal’s sources.

Sequoia had previously made a high-profile $150 million investment in FTX, which collapsed in November.

Sequoia did not immediately respond to a request for comment for this story.

UPDATE (July 27, 21:51 UTC): Added that Sequoia had not responded to a request for comment.

Sequoia Venture Capital

Nelson Wang

Nelson was CoinDesk’s U.S. News Editor for the East Coast. He previously served as the technology stocks editor and consumer stocks editor at TheStreet, and prior to that was the business and personal finance editor for Yahoo.com. He has also held editing positions at Condé Nast Portfolio’s website and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.