According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million for the launch of two new funds. The firm, which is headquartered in San Francisco, expects to complete the fundraising for its seventh early-stage fund and second growth fund within the next five to six months. Although the company did not respond to requests for comment, it has been reported that the funds will be used to further invest in the crypto industry. Blockchain Capital has a strong track record, having previously raised around $1 billion for crypto investments, with notable companies such as Coinbase, Circle, and Tether in its portfolio.
The firm's co-founders and managing partners, Bart Stephens and Brad Stephens, have been instrumental in securing investments from traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans. With $2 billion in fee-bearing assets and a total portfolio worth over $6 billion, Blockchain Capital is well-established in the industry.