Blockchain Capital, a prominent cryptocurrency venture capital firm, is reportedly seeking to raise $700 million for the launch of two new funds, according to a recent Bloomberg report. The firm, headquartered in San Francisco, anticipates completing the fundraising process 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 familiar with the matter.
Despite being contacted, the firm did not provide a comment to CoinDesk. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a history of crypto investments totaling around $1 billion, with notable digital asset companies such as Coinbase, Circle, and Tether in its investment portfolio. The company's most recent major fundraising effort was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund.
The limited partners of Blockchain Capital primarily come from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans. The firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion, as per Bloomberg.