According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million for the launch of two new funds. The firm, which is headquartered in San Francisco, anticipates completing the fundraising process for its seventh early-stage fund and second growth fund within the next five to six months, as stated by a person familiar with the matter. Blockchain Capital's management team, comprising co-founders and managing partners Bart Stephens and Brad Stephens, has a proven track record of crypto investments, with notable companies such as Coinbase, Circle, and Tether in its portfolio. The company's most recent major fundraising effort was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund.
Blockchain Capital's investor base primarily consists 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.