Blockchain Capital, a prominent cryptocurrency venture capital firm, is reportedly seeking to raise $700 million for the launch of two new funds, according to a recent Bloomberg report. The firm, which is headquartered in San Francisco, intends to allocate these funds to its seventh early-stage fund and second growth fund, with the fundraising process anticipated to conclude within the next five to six months.
The company has declined to comment on the matter. As a leading investor in the crypto space, Blockchain Capital has previously secured around $1 billion in funding for various crypto investments, boasting a portfolio that includes notable digital asset companies such as Coinbase, Circle, and Tether. The firm's co-founders and managing partners, Bart Stephens and Brad Stephens, have been instrumental in driving the company's growth.
Blockchain Capital's previous major funding round took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. The company's investor base comprises a diverse range of traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans.
With $2 billion in fee-bearing assets under management and a total portfolio valued at over $6 billion, Blockchain Capital is poised for continued growth and expansion in the crypto investment landscape.