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 two new funds. The firm, which is headquartered in San Francisco, anticipates completing 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 an individual with knowledge of the matter. Despite being approached for comment, Blockchain Capital did not respond to the inquiry. The company, co-founded and managed by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable portfolio holdings including Coinbase, Circle, and Tether, and has previously secured around $1 billion in funding for crypto investments.
Its most recent major fundraising effort was 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 largely traditional financial institutions, such as university endowments, sovereign wealth funds, and U.S. pension plans, and it currently manages $2 billion in fee-bearing assets, with a total portfolio value exceeding $6 billion, as reported by Bloomberg.