Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million to support the launch of two new funds, according to a recent report by Bloomberg. The funds in question include the company's seventh early-stage fund and its second growth fund, with completion expected within 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 history of investing in the crypto space, with notable companies such as Coinbase, Circle, and Tether in its investment portfolio.
The firm's previous major fundraising effort took place in 2023, securing $580 million for its sixth early-stage fund and a late-stage fund. Its investor base comprises traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans, with the firm currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion.