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. The funds in question, the company's seventh early-stage fund and its second growth fund, are expected to be finalized over the course of the next five to six months, as indicated by a source familiar with the matter. Despite being approached for comment, the firm declined to respond. Blockchain Capital, which is led by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of successfully raising substantial amounts for crypto investments, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with total investments amounting to around $1 billion.
The company's most recent major funding endeavor took place in 2023, wherein it successfully secured $580 million for its sixth early-stage fund, as well as a late-stage fund. The majority of Blockchain Capital's limited partners hail from traditional financial backgrounds, including entities such as university endowments, sovereign wealth funds, and U.S. pension plans.
As per the report by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.