According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent venture capital firm in the cryptocurrency space, is seeking to raise $700 million for the launch of two new funds. The San Francisco-based company is reportedly working towards finalizing its seventh early-stage fund and second growth fund over the next five to six months, as per a source familiar with the developments.
Despite being approached for comment, the firm did not respond to the query. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of raising substantial sums for investment in the crypto sector, boasting an impressive portfolio that includes major players such as Coinbase, Circle, and Tether, with total investments amounting to approximately $1 billion.
The company's most recent major fundraising effort took place in 2023, securing $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital predominantly originate from traditional financial backgrounds, encompassing entities such as university endowments, sovereign wealth funds, and U.S. pension plans. The firm currently manages $2 billion in fee-generating assets, with its total portfolio valued at over $6 billion, as reported by Bloomberg.