Blockchain Capital, a prominent cryptocurrency venture capital firm, is reportedly seeking to raise $700 million for the launch of two new funds, as disclosed by Bloomberg on Thursday. The firm, headquartered in San Francisco, aims to complete the fundraising process for its seventh early-stage fund and second growth fund within the next five to six months, according to a source familiar with the matter. Despite being approached for comment, the company did not provide a response to CoinDesk's inquiry.
Founded by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has a history of investing in the crypto space, with notable investments including Coinbase, Circle, and Tether, totaling around $1 billion. The company's most recent major funding round was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund.
The firm's investor base comprises traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans, with Blockchain Capital currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion, as reported by Bloomberg.