Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently undertaking a fundraising effort to secure $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, is engaged in raising funds for its seventh early-stage fund and its second growth fund, with expectations of completing the process within the next five to six months, according to a source familiar with the matter. Despite being approached for comment, the firm did not respond to CoinDesk's inquiry.
Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of raising substantial funds for crypto investments, boasting a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with approximately $1 billion raised for such investments. The company's most recent significant fundraising endeavor took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. Notably, the firm's limited partners predominantly hail from traditional financial backgrounds, 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's report.