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, is expected to finalize the fundraising process for its seventh early-stage fund and second growth fund within the next five to six months, as cited by a person familiar with the matter. Despite efforts to solicit a comment, the firm did not respond to requests.
As co-founders and managing partners, Bart Stephens and Brad Stephens have successfully raised approximately $1 billion for crypto investments, boasting an impressive portfolio that includes digital asset giants such as Coinbase, Circle, and Tether. The company's most recent major fundraising endeavor took place in 2023, securing $580 million for its sixth early-stage fund and a late-stage fund. Notably, Blockchain Capital's limited partners predominantly hail from traditional financial backgrounds, comprising university endowments, sovereign wealth funds, and U.S. pension plans, among others.
Currently, the firm manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion, as reported by Bloomberg.