Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently seeking to raise $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, 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, according to a source familiar with the matter. Despite being approached for comment, the firm did not respond to CoinDesk's inquiry. 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 company'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, the firm's limited partners predominantly hail from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans, with the company currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion, as per Bloomberg's report.