According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million to support the launch of two new funds. These funds, which include the company's seventh early-stage fund and its second growth fund, are expected to be finalized within the next five to six months, as indicated by a source with knowledge of the matter.
Despite being approached for comment, the firm did not respond to the request. Blockchain Capital, which is led by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable companies such as Coinbase, Circle, and Tether in its investment portfolio.
The firm has previously secured around $1 billion in funding for its crypto investments. The company's most recent major fundraising effort 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 come from a variety of 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.