According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is seeking to raise $700 million for the launch of two new funds. The San Francisco-based company is expected to finalize its seventh early-stage fund and second growth fund within the next five to six months, as stated in the report, which cites information from a person familiar with the matter.
Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of successfully raising around $1 billion for investments in the crypto space, boasting an impressive portfolio that includes notable digital asset companies such as Coinbase, Circle, and Tether. 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. Blockchain Capital's investor base comprises primarily 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, as reported by Bloomberg.