Blockchain Capital, a prominent cryptocurrency venture capital company, is currently in the process of raising $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. According to a source familiar with the matter, the firm is expected to finalize its seventh early-stage fund and second growth fund over the next five to six months. Despite being approached for comment, the company did not respond to CoinDesk's inquiry. Led by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has a history of investing in the crypto space, with notable companies such as Coinbase, Circle, and Tether in its portfolio.
The firm's most recent major fundraising effort took place in 2023, securing $580 million for its sixth early-stage fund and a late-stage fund. Blockchain Capital's investor base consists largely of traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans, with the firm currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion, as per Bloomberg.