According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is seeking to raise $700 million for two new funds. The firm, which is headquartered in San Francisco, anticipates completing the fundraising process within the next five to six months.
The report cites a person familiar with the matter, although the firm has not responded to requests for comment. As a leading investor in the crypto space, Blockchain Capital has previously raised approximately $1 billion, with notable investments in companies such as Coinbase, Circle, and Tether.
The company's co-founders and managing partners, Bart Stephens and Brad Stephens, have been instrumental in driving the firm's growth. Blockchain Capital's investor base comprises largely traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans. The firm currently manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion.