Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds, according to a report by Bloomberg. The firm, which is headquartered in San Francisco, aims to complete the fundraising for its seventh early-stage fund and second growth fund within the next five to six months. This information was disclosed by a person familiar with the matter, as reported by Bloomberg.
The company has not provided a comment on the matter. Founded by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has a history of investing in the crypto space, with notable companies such as Coinbase, Circle, and Tether in its investment portfolio. The firm's previous fundraising efforts have been substantial, with around $1 billion secured for crypto investments. Its most recent major fundraising endeavor was in 2023, when it raised $580 million for its sixth early-stage fund and a late-stage fund.
The company's investor base comprises traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans, with the firm currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion.