Blockchain Capital, a prominent cryptocurrency venture capital company, is reportedly seeking to raise $700 million for the launch of two new funds, as disclosed by Bloomberg on Thursday. The firm, headquartered in San Francisco, is currently in the process of raising funds for its seventh early-stage fund and its second growth fund, with anticipated completion slated for the next five to six months, according to a source familiar with the matter.
Despite requests for comment, the firm did not provide a response. As co-founded and managed by Bart Stephens and Brad Stephens, Blockchain Capital has amassed approximately $1 billion in investments for the crypto sector, boasting an impressive portfolio that includes digital asset giants such as Coinbase, Circle, and Tether.
The company's most recent major funding round occurred in 2023, when it successfully secured $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 firm currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion, as reported by Bloomberg.