According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million for two new funds. The San Francisco-based company is reportedly working towards completing its seventh early-stage fund and second growth fund within the next five to six months, as stated in the report, which cited a person with knowledge of the matter. Despite being approached for comment, the firm did not respond to the request from CoinDesk.
Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of significant crypto investments, with notable digital asset companies such as Coinbase, Circle, and Tether in its portfolio, having previously raised around $1 billion. The company's most recent major funding 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, with the firm currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion, as per Bloomberg.