Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million to support the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, is working to finalize its seventh early-stage fund and second growth fund, anticipated to be completed within the next five to six months, according to a source familiar with the matter. Following a request for comment, the firm declined to respond.
Managed by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has previously secured around $1 billion for investments in the crypto space, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether. The company's most recent significant funding round 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 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 per Bloomberg.