Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently raising $700 million for the launch of two new funds, as reported by Bloomberg. The firm, which is headquartered in San Francisco, anticipates completing the fundraising process for its seventh early-stage fund and second growth fund over the next five to six months, according to sources familiar with the matter. Despite being approached for comment, the firm did not respond to requests from CoinDesk.
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 funding round 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.