Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million to support its two new funds, as reported by Bloomberg on Thursday. The firm's seventh early-stage fund and second growth fund are expected to be finalized within the next five to six months, according to a source familiar with the matter. Following a request for comment, the firm did not provide a response.
Blockchain Capital, co-founded and managed 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 investment portfolio. The firm's most recent significant fundraising effort occurred in 2023, securing $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital primarily hail from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S.
pension plans. Currently, the firm manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion, as per Bloomberg's report.