Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for two new funds, according to a report by Bloomberg on Thursday. The firm, which is based in San Francisco, aims to complete 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 being approached for comment, the firm did not respond to CoinDesk's inquiry. With co-founders and managing partners Bart Stephens and Brad Stephens at the helm, Blockchain Capital has previously secured around $1 billion for investments in the crypto space, boasting an impressive portfolio that includes digital asset giants such as Coinbase, Circle, and Tether.
The company's most recent major funding round took place in 2023, when it secured $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, 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, as reported by Bloomberg.