According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million for the launch of two new funds. The firm, which is headquartered in San Francisco, anticipates completing its seventh early-stage fund and second growth fund over the course of the next five to six months, as stated in the report, which cites a source familiar with the matter.
Despite being approached for comment, the firm did not respond to the inquiry. Blockchain Capital, which is led by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with a portfolio that includes notable digital asset companies such as Coinbase, Circle, and Tether, and has previously secured around $1 billion in funding for crypto investments.
The company's most recent major funding round took place in 2023, when it successfully raised $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, and it currently manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion, according to Bloomberg.