Blockchain Capital, a prominent cryptocurrency venture capital company, is reportedly seeking to raise $700 million for the launch of two new funds, according to a recent Bloomberg report. The firm, headquartered in San Francisco, expects to finalize the fundraising process for its seventh early-stage fund and second growth fund 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, Blockchain Capital did not respond to the inquiry. The company, co-founded and managed by Bart Stephens and Brad Stephens, has a history of significant crypto investments, boasting a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with total investments in the sector amounting to approximately $1 billion.
The firm's most recent major fundraising effort took place in 2023, when it successfully 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.