According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds. The firm, which is headed by co-founders and managing partners Bart Stephens and Brad Stephens, anticipates completing the fundraising for its seventh early-stage fund and second growth fund within the next five to six months. Despite being approached for comment, the firm did not respond to the request.
Blockchain Capital has a notable portfolio, having previously invested in major digital asset companies such as Coinbase, Circle, and Tether, with total crypto investments amounting to around $1 billion. The company's most recent significant fundraising effort was in 2023, when it successfully raised $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 the report, Blockchain Capital currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.