Blockchain Capital, a prominent cryptocurrency-focused venture capital firm, is reportedly seeking to raise $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, is working towards completing its seventh early-stage fund and second growth fund within the next five to six months, according to a source familiar with the matter. Despite being approached for comment, the company did not respond to CoinDesk's inquiry. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable investments including Coinbase, Circle, and Tether, totaling around $1 billion.
The company's most recent significant fundraising effort was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The firm's investor base primarily consists of traditional financial institutions, such as university endowments, sovereign wealth funds, and U.S. pension plans, and it currently manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion, as per Bloomberg.