According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital company, is seeking to raise $700 million for the launch of two new funds. The fundraising efforts for the company's seventh early-stage fund and second growth fund are expected to conclude within the next five to six months, as stated in the report, which cited information from a person familiar with the matter.
Despite being approached for comment, the company did not respond to the inquiry. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable investments including Coinbase, Circle, and Tether, and has raised around $1 billion for such investments. The company's most recent significant fundraising effort took place in 2023, when it successfully raised $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. The firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion, as reported by Bloomberg.