According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for two new funds. The firm, which is based in San Francisco, expects to finalize these funding rounds within the next five to six months, as stated in the report, citing an individual familiar with the matter. Despite being contacted, the firm did not provide a comment to CoinDesk. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of significant crypto investments, with notable digital asset companies such as Coinbase, Circle, and Tether in its portfolio.
Previously, the company successfully raised around $1 billion for crypto investments. Its most recent major funding round occurred in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The firm's limited partners primarily come from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans.
As per Bloomberg, Blockchain Capital currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.