According to a Thursday report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds. The firm, which is expecting to finalize the fundraising efforts over the next five to six months, did not respond to a request for comment.
Blockchain Capital, founded by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of investing in notable digital asset companies such as Coinbase, Circle, and Tether, with approximately $1 billion raised for crypto investments. The company's most recent major fundraising endeavor was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. Notably, 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.