According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds. The firm, which is headquartered in San Francisco, expects to finalize the fundraising for its seventh early-stage fund and second growth fund over the next five to six months, as stated in the report, citing information from a knowledgeable source. Despite being contacted, the firm declined to provide a comment to CoinDesk. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a history of significant fundraising efforts for crypto investments, boasting an impressive portfolio that includes major digital asset companies such as Coinbase, Circle, and Tether, with total investments amounting to approximately $1 billion.
The company's most recent major fundraising endeavor took place in 2023, where it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. Notably, the firm's limited partners primarily originate from traditional financial backgrounds, encompassing entities such as university endowments, sovereign wealth funds, and U.S.
pension plans. As reported by Bloomberg, Blockchain Capital currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.