According to a report by Bloomberg, Blockchain Capital, a prominent cryptocurrency-focused venture capital firm, is currently in the process of raising $700 million to support the launch of two new funds. This development is expected to unfold over the next five to six months, as indicated by a source familiar with the matter.
The company has not provided a comment in response to a request for information. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable portfolio companies including Coinbase, Circle, and Tether, and has secured around $1 billion in funding for such investments. In 2023, the firm successfully raised $580 million for its sixth early-stage fund and a late-stage fund.
The majority of Blockchain Capital's limited partners originate from traditional financial institutions, such as university endowments, sovereign wealth funds, and U.S. pension plans. The firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion, as reported by Bloomberg.