Blockchain Capital, a prominent cryptocurrency venture capital firm, is reportedly seeking to raise $700 million for the launch of two new funds, as disclosed by Bloomberg on Thursday. The firm, headquartered in San Francisco, is expected to finalize its seventh early-stage fund and second growth fund within the next five to six months, according to sources familiar with the matter.
Despite being contacted, the company declined to provide a comment. Co-founded and managed by Bart Stephens and Brad Stephens, Blockchain Capital has previously secured around $1 billion in investments for the cryptocurrency sector, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether. 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.
Notably, the firm's limited partners predominantly hail from traditional financial backgrounds, comprising university endowments, sovereign wealth funds, and U.S. pension plans, among others. As per Bloomberg, Blockchain Capital currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.