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 funds in question, the company's seventh early-stage fund and its second growth fund, are expected to be finalized over the course of the next five to six months, as stated in the report, which cites an individual with knowledge of the matter.
Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable portfolio companies including Coinbase, Circle, and Tether, and has raised approximately $1 billion for such investments. The company's most recent major fundraising effort occurred in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The firm's investor base consists largely of traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans, and it currently manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion, as per the Bloomberg report.