Blockchain Capital, a prominent cryptocurrency venture capital firm, is seeking to raise $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The San Francisco-based company is working towards finalizing its seventh early-stage fund and second growth fund, anticipated to be completed within the next five to six months, according to a source familiar with the matter.
Despite being contacted, the firm did not provide a comment to CoinDesk. Managed by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has previously secured around $1 billion in funding for cryptocurrency investments, boasting a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether.
The company's most recent significant funding round occurred in 2023, when it raised $580 million for its sixth early-stage fund and a late-stage fund. Blockchain Capital's investor base, comprising limited partners from traditional financial backgrounds, includes entities such as university endowments, sovereign wealth funds, and U.S.
pension plans. The firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion, as per Bloomberg's report.