Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds, as reported by Bloomberg. The firm, headquartered in San Francisco, anticipates completing the fundraising for 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 inquiries.
Led by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has a history of significant crypto investments, boasting a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with approximately $1 billion previously raised for crypto investment. The company's most recent major funding round occurred in 2023, securing $580 million for its sixth early-stage fund and a late-stage fund. Notably, the firm's limited partners predominantly hail from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S.
pension plans, with the company currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion.