As reported by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million to support two new funds. According to a source familiar with the matter, the firm, which is headquartered in San Francisco, expects to finalize these funds within the next five to six months. Despite being contacted, Blockchain Capital did not provide a comment to CoinDesk. The firm, co-founded by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable companies such as Coinbase, Circle, and Tether in its investment portfolio.
Its previous major funding round occurred 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, including university endowments, sovereign wealth funds, and U.S.
pension plans. As per Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio exceeding $6 billion.