According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds. The firm, which is headquartered in San Francisco, expects to finalize the fundraising efforts for its seventh early-stage fund and second growth fund within the next five to six months. The report cites a person familiar with the matter, although the firm itself has not responded to requests for comment. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a notable portfolio that includes major digital asset companies such as Coinbase, Circle, and Tether, with approximately $1 billion raised for crypto investments in the past.
The company's most recent significant fundraising effort was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The firm's limited partners primarily come from traditional financial backgrounds, 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.