According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, 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 finalize the fundraising efforts for its seventh early-stage fund and second growth fund within the next five to six months, as stated by a person with knowledge of the matter.
Despite being approached for comment, the firm did not respond to the request. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable companies such as Coinbase, Circle, and Tether in its portfolio. The firm's previous major fundraising effort took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital primarily come from traditional financial backgrounds, including endowments, sovereign wealth funds, and U.S.
pension plans. The firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion, as reported by Bloomberg.