Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million to support two new funds, as reported by Bloomberg on Thursday. The firm, which is based in San Francisco, is working towards completing its seventh early-stage fund and second growth fund over the next five to six months, according to a source familiar with the matter. Despite being approached for comment, the firm did not respond to the request. Blockchain Capital, led by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of significant crypto investments, boasting a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with approximately $1 billion raised for crypto investments.
The company's most recent major funding effort was in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. The firm's investor base, comprising limited partners from traditional financial backgrounds, includes university endowments, sovereign wealth funds, and U.S. pension plans, with Blockchain Capital currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion, as per Bloomberg's report.