According to a recent report by Bloomberg, Blockchain Capital, a leading cryptocurrency venture capital company, is in the process of raising $700 million for the launch of two new funds. The San Francisco-based firm is reportedly working towards completing its seventh early-stage fund and second growth fund within the next five to six months, as stated by a person familiar with the matter. Despite attempts to solicit a response, the firm did not provide comment to CoinDesk.
Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a notable history of crypto investments, boasting a portfolio that includes prominent digital asset companies such as Coinbase, Circle, and Tether, with total investments amounting to approximately $1 billion. The company's most recent major fundraising endeavor took place in 2023, where it successfully raised $580 million for its sixth early-stage fund and a late-stage fund.
The limited partners of Blockchain Capital primarily hail from traditional financial backgrounds, comprising 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.