According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently in the process of raising $700 million for the launch of two new funds. This development is expected to unfold over the next five to six months, as the firm, led by co-founders and managing partners Bart Stephens and Brad Stephens, works towards completing its seventh early-stage fund and second growth fund. Despite efforts to solicit a comment, the firm did not respond to requests for statement. Blockchain Capital has a notable track record, having previously secured around $1 billion in investments for the crypto sector, with a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether.
The company's most recent significant funding round took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. The firm's investor base, comprising limited partners from traditional financial institutions, includes university endowments, sovereign wealth funds, and U.S.
pension plans, among others. As per the report, Blockchain Capital currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.