Blockchain Capital, a prominent 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 firm's seventh early-stage fund and its second growth fund, which are slated for completion over 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. Led by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has a history of significant crypto investments, boasting a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with approximately $1 billion raised for crypto investments to date.
The company's most recent major fundraising effort occurred in 2023, securing $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, encompassing entities such as university endowments, sovereign wealth funds, and U.S.
pension plans. As per Bloomberg, Blockchain Capital currently manages $2 billion in fee-bearing assets, with its total portfolio exceeding $6 billion.