Blockchain Capital, a prominent cryptocurrency venture capital firm, is reportedly seeking to raise $700 million for two new funds, as reported by Bloomberg. The San Francisco-based company is expected to finalize its seventh early-stage fund and second growth fund in the next five to six months, citing a source familiar with the matter.
The firm has not responded to requests for comment. With its co-founders and managing partners, Bart Stephens and Brad Stephens, at the helm, Blockchain Capital has previously secured around $1 billion in crypto investments, boasting a portfolio that includes major players such as Coinbase, Circle, and Tether.
Its most recent major fundraising effort was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The company's investor base predominantly consists of 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.