Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently in the process of raising $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The company, headquartered in San Francisco, expects to finalize 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 firm did not respond to CoinDesk's inquiry. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of successful crypto investments, boasting a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with approximately $1 billion raised for crypto investments. The company's most recent significant fundraising effort took place in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. Notably, the firm's limited partners hail from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S.
pension plans, with Blockchain Capital currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion, as per Bloomberg's report.