Blockchain Capital, a prominent cryptocurrency venture capital firm, is seeking to raise $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, based in San Francisco, is working towards completing its seventh early-stage fund and second growth fund within the next five to six months, according to a source familiar with the matter. Despite being approached for comment, the firm did not respond to CoinDesk's inquiry. Managed by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has a history of investing in major digital assets, including Coinbase, Circle, and Tether, with approximately $1 billion raised for crypto investments.
The company's most recent significant fundraising effort was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. Notably, Blockchain Capital's investor base primarily consists of traditional financial institutions, such as 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 per Bloomberg.