Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, is expected to finalize its seventh early-stage fund and second growth fund over the next five to six months, based on information from a source familiar with the matter. Despite requests for comment, Blockchain Capital did not provide a response.
As a key player in the crypto investment landscape, the company has been led by co-founders and managing partners Bart Stephens and Brad Stephens, and has previously secured around $1 billion in funding for its crypto investments, boasting an impressive portfolio that includes major digital asset companies such as Coinbase, Circle, and Tether. The company's most recent major funding effort was in 2023, when it raised $580 million for its sixth early-stage fund and a late-stage fund. Notably, Blockchain Capital's investor base comprises largely traditional financial institutions, 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.