According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital company, is currently seeking to raise $700 million for the launch of two new funds. The San Francisco-based company is expected to finalize its seventh early-stage fund and second growth fund within the next five to six months, as stated in the report, which cites information from a person familiar with the matter.
Despite being contacted, the firm did not provide a response to CoinDesk's request for a comment. Blockchain Capital, which is led by co-founders and managing partners Bart Stephens and Brad Stephens, has previously been successful in raising approximately $1 billion for investments in the crypto sector, with notable digital asset companies such as Coinbase, Circle, and Tether included in its investment portfolio.
The company's most recent major funding round took place in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital primarily originate from traditional financial backgrounds, comprising university endowments, sovereign wealth funds, and U.S. pension plans, among others.
As reported by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.