According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million to support the launch of two new funds. The San Francisco-based firm is expected to finalize these funds within the next five to six months, as stated in the report, which cites information from a knowledgeable source. The firm did not provide a response to CoinDesk's inquiry for a statement. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of securing significant investments for cryptocurrency ventures, boasting an impressive portfolio that includes major digital asset companies such as Coinbase, Circle, and Tether, with total investments amounting to around $1 billion.
The company's most recent major funding endeavor took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. Notably, the majority of Blockchain Capital's limited partners originate from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans. As per the report by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.