According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of 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 information from a person familiar with the matter. Despite being contacted, the firm did not provide a comment to CoinDesk. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has previously secured approximately $1 billion in investments for the cryptocurrency sector, with notable digital asset companies such as Coinbase, Circle, and Tether in its investment portfolio.
The company's most recent major funding round was in 2023, when it 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.
The firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion, as reported by Bloomberg.