According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital company, 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 anticipated to be finalized over the coming five to six months. This information was disclosed by a person with knowledge of the matter.
Despite being approached for comment, the firm declined to respond. Blockchain Capital, which is led by co-founders and managing partners Bart Stephens and Brad Stephens, has a notable history of investing in the crypto space, with a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether. The company's previous funding endeavors have been substantial, with its most recent significant raise occurring in 2023, where it secured $580 million for its sixth early-stage fund and a late-stage fund. The firm's investor base is comprised largely of traditional financial institutions, including university endowments, sovereign wealth funds, and U.S.
pension plans, with the company currently managing $2 billion in fee-bearing assets and overseeing a total portfolio valued at over $6 billion.