Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million to support two new funds, as reported by Bloomberg on Thursday. The firm's seventh early-stage fund and second growth fund are anticipated to be finalized within the next five to six months, according to a source familiar with the matter. Despite being approached for comment, the company did not respond to the request.
Led by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has previously amassed around $1 billion in investments in the crypto space, boasting a portfolio that includes notable digital asset companies such as Coinbase, Circle, and Tether. The firm's most recent major fundraising effort occurred in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital predominantly hail from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans, with the firm currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion, as per Bloomberg.