According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million for the launch of two new funds. The San Francisco-based company is reportedly working to complete its seventh early-stage fund and second growth fund, with the funding round expected to conclude within the next five to six months, as stated in the report, which cited an individual familiar with the matter. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable companies such as Coinbase, Circle, and Tether in its investment portfolio, having previously secured around $1 billion for crypto investments. The company's most recent major fundraising effort was in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund.
The firm's investor base comprises primarily 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 per the Bloomberg report.