According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is seeking to raise $700 million for the launch of two new funds. The fundraising efforts for the firm's seventh early-stage fund and second growth fund are expected to conclude within the next five to six months, as stated in the report, which cites a source familiar with the matter.
Despite being approached for comment, the firm did not respond to the inquiry. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of raising substantial funds for crypto investments, boasting a portfolio that includes notable digital asset companies such as Coinbase, Circle, and Tether, with total investments amounting to approximately $1 billion. The company's most recent major fundraising endeavor took place in 2023, wherein it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital predominantly hail from traditional financial backgrounds, comprising entities such as university endowments, sovereign wealth funds, and U.S.
pension plans. The firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion, as per the report by Bloomberg.