Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently undertaking a significant fundraising endeavor, seeking to amass $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, which is headquartered in San Francisco, anticipates completing its seventh early-stage fund and second growth fund within the next five to six months, according to sources familiar with the matter.
Despite being approached for comment, the company declined to respond. As a leading player in the crypto investment landscape, Blockchain Capital has a notable track record, having previously secured around $1 billion in funding for its crypto-focused endeavors, with a portfolio that boasts prominent digital asset companies such as Coinbase, Circle, and Tether. The firm's co-founders and managing partners, Bart Stephens and Brad Stephens, have been instrumental in driving its growth. Blockchain Capital's most recent major fundraising effort took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund.
The company's investor base comprises a diverse range of traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans, with the firm currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion, as per Bloomberg's report.