Blockchain Capital, a prominent cryptocurrency-focused venture capital company, is in the process of raising $700 million for the launch of two new funds, according to a recent report by Bloomberg. The firm, which is headquartered in San Francisco, expects to finalize its seventh early-stage fund and second growth fund over the coming five to six months.
The company has declined to comment on the matter. With its co-founders and managing partners, Bart Stephens and Brad Stephens, at the helm, Blockchain Capital has previously secured around $1 billion in funding for cryptocurrency investments, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether. The firm's most recent significant fundraising effort took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund.
Notably, Blockchain Capital's investor base comprises largely 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.