Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently in the process of securing $700 million for the launch of two new funds, as reported by Bloomberg. The firm, which is headquartered in San Francisco, anticipates completing its seventh early-stage fund and second growth fund over the course of the next five to six months, according to a source familiar with the matter.
Despite being approached for comment, the firm did not respond to requests from CoinDesk. Blockchain Capital, co-founded by managing partners Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable investments including Coinbase, Circle, and Tether, totaling around $1 billion. The company's most recent major fundraising effort took place in 2023, when it successfully 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, and it currently manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion, according to Bloomberg.