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 for its seventh early-stage fund and second growth fund within the next five to six months, as stated in the report, citing a source familiar with the matter.
Despite being contacted for comment, the firm did not respond to CoinDesk's inquiry. Blockchain Capital, 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. The company's most recent major fundraising effort took place in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund.
The firm's investor base, which includes university endowments, sovereign wealth funds, and U.S. pension plans, predominantly originates from traditional financial institutions. As per Bloomberg, Blockchain Capital currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.