Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently in the process of raising $700 million to support the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, anticipates completing the fundraising efforts for its seventh early-stage fund and second growth fund over the next five to six months, according to sources familiar with the matter.
Despite being approached for comment, Blockchain Capital did not respond to the inquiry. The company, co-founded by Bart Stephens and Brad Stephens, has a history of securing substantial investments for cryptocurrency ventures, boasting a portfolio that includes notable digital asset companies such as Coinbase, Circle, and Tether, with total crypto investments exceeding $1 billion. The firm's most recent major fundraising endeavor took place in 2023, resulting in $580 million in capital for its sixth early-stage fund and a late-stage fund. Blockchain Capital's investor base comprises 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 per Bloomberg's report.