According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital company, is seeking to raise $700 million for the launch of two new funds. The San Francisco-based company is reportedly working towards completing 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 approached for comment, the firm did not respond to CoinDesk's inquiry.
Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has previously successfully raised approximately $1 billion for investments in the crypto space, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether. The company's most recent significant fundraising effort was in 2023, when it successfully 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, 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.