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 funds in question include the company's seventh early-stage fund and its second growth fund, with the fundraising process expected to conclude over the next five to six months, as stated by a source familiar with the matter. Despite being approached for comment, the firm did not respond to the inquiry. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a notable track record of investing in the crypto space, with its portfolio featuring major digital asset players such as Coinbase, Circle, and Tether, and having previously raised approximately $1 billion for investment in the crypto sector.
The company's most recent major fundraising effort took place in 2023, when it successfully secured $580 million for its sixth early-stage fund and a late-stage fund. The majority of Blockchain Capital's limited partners originate from a traditional financial background, including entities such as university endowments, sovereign wealth funds, and U.S. pension plans. As per the report by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.