According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is seeking to raise $700 million for the launch of two new funds. The fundraising efforts for the company's seventh early-stage fund and second growth fund are expected to conclude within the next five to six months, as stated in the report, which cites information from a knowledgeable source. Blockchain Capital's management team, comprising co-founders and managing partners Bart Stephens and Brad Stephens, has a proven track record of crypto investments, with notable portfolio companies including Coinbase, Circle, and Tether.
The firm's previous major fundraising endeavor took place in 2023, resulting in the successful raising of $580 million for its sixth early-stage fund and a late-stage fund. Blockchain Capital's investor base is largely comprised of traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans, with the company currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion.