According to a report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds. The fundraising effort, which is anticipated to be completed within the next five to six months, is for the firm's seventh early-stage fund and its second growth fund, as stated in the report, citing an individual with knowledge of the matter. The company has not responded to requests for comment.
With its co-founders and managing partners, Bart Stephens and Brad Stephens, at the helm, Blockchain Capital has previously secured approximately $1 billion in funding for cryptocurrency investments, boasting an impressive portfolio that includes notable digital asset companies such as Coinbase, Circle, and Tether. The firm's most recent major fundraising endeavor took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund.
Blockchain Capital's investor base primarily comprises traditional financial institutions, 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 reported by Bloomberg.