According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million to support two new funds. The San Francisco-based company is expected to finalize its seventh early-stage fund and second growth fund within the next five to six months, as stated in the report, which cites a person familiar with the matter. Despite being approached for comment, the firm did not respond to the request from CoinDesk. Managed by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has a history of significant crypto investments, with notable digital asset companies such as Coinbase, Circle, and Tether in its portfolio.
The company's most recent major fundraising effort was 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 come from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans. As reported by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.