According to a Thursday report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million to support two new funds. The firm, based in San Francisco, anticipates completing the fundraising for its seventh early-stage fund and second growth fund within the next five to six months, as stated in the report, which cites a source familiar with the matter. Despite being contacted, Blockchain Capital did not provide a comment to CoinDesk. The company, led by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of crypto investments, boasting a portfolio that includes notable digital asset companies such as Coinbase, Circle, and Tether, with approximately $1 billion raised for crypto investments.
The firm's most recent major fundraising effort occurred 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, as reported by Bloomberg.