According to a Thursday report by Bloomberg, Blockchain Capital, a leading cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds. These funds, which include the company's seventh early-stage fund and its second growth fund, are anticipated to be finalized over the next five to six months, as stated in the report citing an individual familiar with the matter. When contacted by CoinDesk, the firm declined to provide a comment.
Blockchain Capital, co-founded by managing partners Bart Stephens and Brad Stephens, has a history of substantial crypto investments, boasting a portfolio that includes prominent digital asset companies such as Coinbase, Circle, and Tether, with approximately $1 billion raised for crypto investment. The company's most recent major funding effort took place in 2023, where it secured $580 million for its sixth early-stage fund and a late-stage fund. The firm's limited partners primarily originate from traditional financial backgrounds, comprising university endowments, sovereign wealth funds, and US pension plans, among others. As per Bloomberg, Blockchain Capital currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.