According to a recent Bloomberg report, Blockchain Capital, a prominent cryptocurrency venture capital company, is seeking to raise $700 million for the launch of two new funds. The firm, which is headquartered in San Francisco, expects to finalize the fundraising process for its seventh early-stage fund and second growth fund within the next five to six months, as stated by a source familiar with the matter. Despite being approached for comment, the firm did not respond.
Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a notable track record of investing in the crypto space, with a portfolio that includes major players such as Coinbase, Circle, and Tether, and has previously secured around $1 billion in funding for its crypto investments. The company's most recent significant fundraising effort took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund.
The firm's investor base comprises 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.