According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is seeking to raise $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 indicated by a source with knowledge of the matter.
Despite being approached for comment, the firm did not provide a response to the inquiry. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a history of significant raises, having previously secured around $1 billion for investments in the crypto space, with notable digital asset companies such as Coinbase, Circle, and Tether featured in its investment portfolio. The company's most recent major funding endeavor took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund.
The limited partners of Blockchain Capital primarily stem from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans, among others.
As per the report by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.