Blockchain Capital, a prominent cryptocurrency venture capital firm, is reportedly seeking to raise $700 million for the launch of two new funds, as per a recent Bloomberg report. The funds in question include the company's seventh early-stage fund and its second growth fund, which are anticipated to be finalized within 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 requests. Blockchain Capital, which is led by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of raising substantial capital for cryptocurrency investments, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether. The company's most recent significant funding round took place in 2023, in which it secured $580 million for its sixth early-stage fund and a late-stage fund.
Notably, the firm's limited partners hail primarily from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans, with the company currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion.