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 funds in question include the company's seventh early-stage fund and its second growth fund, both of which are anticipated to be finalized within the next five to six months, as stated in the report, which cites an individual with knowledge of the matter. When contacted by CoinDesk, the firm declined to provide a comment. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has previously secured around $1 billion in investment capital for the cryptocurrency sector, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether.
The company's most recent significant fundraising effort took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital primarily originate from traditional financial backgrounds, comprising entities such as university endowments, sovereign wealth funds, and U.S. pension plans. As reported by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.