According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is seeking to raise $700 million for the launch of two new funds. 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, which cited a source familiar with the matter. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a notable track record of investing in the crypto space, with major players such as Coinbase, Circle, and Tether in its investment portfolio. The company has previously secured around $1 billion for crypto investments.
Its most recent significant fundraising effort was in 2023, when it 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, which contribute to its limited partnerships. As per Bloomberg, Blockchain Capital currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.