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 funds in question include the company's seventh early-stage fund and its second growth fund, both of which are slated for completion over the next five to six months, as indicated by a source with knowledge of the matter.
When approached for comment, the firm declined to respond. Blockchain Capital, led by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of significant crypto investments, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with total investments amounting to approximately $1 billion. The company's most recent major funding effort took place in 2023, during which it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. The majority of Blockchain Capital's limited partners hail from traditional financial backgrounds, 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 value exceeding $6 billion, as reported by Bloomberg.