As reported by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently raising $700 million to support two new funds. According to a source familiar with the matter, the firm, which is based 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. Despite being approached for comment, the firm did not respond to CoinDesk's inquiry.
Blockchain Capital, co-founded 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 significant 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, which includes university endowments, sovereign wealth funds, and U.S. pension plans, largely stems from traditional finance backgrounds.
As per Bloomberg, Blockchain Capital currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.