According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds. The funds in question, the company's seventh early-stage fund and its second growth fund, are anticipated to be finalized within the next five to six months, as stated in the report, which cites an individual familiar with the matter.
Despite being approached for comment, the firm did not respond to the inquiry. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a history of successful crypto investments, boasting an impressive portfolio that includes notable digital asset companies such as Coinbase, Circle, and Tether, with total investments amounting to approximately $1 billion. The company's most recent major funding round took place in 2023, where it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital primarily hail from traditional financial backgrounds, comprising entities such as university endowments, sovereign wealth funds, and U.S.
pension plans. As per the report by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.