Blockchain Capital, a prominent cryptocurrency-focused venture capital company, is reportedly seeking to raise $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, is expected to finalize the fundraising for its seventh early-stage fund and second growth fund over the next five to six months, according to a source familiar with the matter.
Despite being approached for comment, the company did not respond to CoinDesk's inquiry. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has previously secured approximately $1 billion in investment capital, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether. The company's most recent significant fundraising effort took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund.
Notably, Blockchain Capital's investor base comprises largely 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's report.