According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently in the process of raising $700 million for the launch of two new funds. The funds in question include the company's seventh early-stage fund and its second growth fund, both of which are anticipated to be finalized within the next five to six months, as stated in the report, which cites information from a person with knowledge of the matter. When approached for comment, the firm declined to respond.
Blockchain Capital, which is led by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, and has raised approximately $1 billion for investment in the crypto sector. The company's most recent major funding round took place in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital primarily come from a traditional financial background, including entities such as university 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.