Blockchain Capital, a leading cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The funds in question include the company's seventh early-stage fund and its second growth fund, with completion anticipated within the next five to six months, according to a source familiar with the matter.
Despite being approached for comment, the firm did not respond to CoinDesk's inquiry. Co-founded and managed by Bart Stephens and Brad Stephens, Blockchain Capital has a history of significant crypto investments, boasting a portfolio that includes prominent digital asset companies such as Coinbase, Circle, and Tether, with total investments amounting to around $1 billion. The company's most recent major funding effort occurred in 2023, securing $580 million for its sixth early-stage fund and a late-stage fund.
Notably, Blockchain Capital's investor base comprises traditional financial institutions, 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.