According to a report by Bloomberg on Thursday, 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, based in San Francisco, expects to finalize these funds 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 request. The company, co-founded and managed by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable investments including Coinbase, Circle, and Tether, totaling around $1 billion.
Its most recent major fundraising effort was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The firm's investor base, comprising limited partners from traditional financial backgrounds such as university endowments, sovereign wealth funds, and U.S. pension plans, currently manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion, as per Bloomberg.