According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds. These funds, which are expected to be finalized within the next five to six months, include the company's seventh early-stage fund and its second growth fund, as stated by a person with knowledge of the matter. The firm has not provided a comment on this matter. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable companies such as Coinbase, Circle, and Tether in its portfolio, having raised approximately $1 billion for such investments.
Its most recent major funding round was in 2023, where it secured $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital primarily come 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.