According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently raising $700 million for two new funds. The firm, based in San Francisco, is expected to complete its seventh early-stage fund and second growth fund within the next five to six months, as stated by a person familiar with the matter.
Despite being approached for comment, the firm did not respond to CoinDesk's inquiry. Managed by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has previously secured around $1 billion for investments in the crypto space, with notable digital asset companies such as Coinbase, Circle, and Tether in its investment portfolio. The company's most recent major funding round was in 2023, when it raised $580 million for its sixth early-stage fund and a late-stage fund.
Notably, the firm's limited partners primarily originate from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans, with the company currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion.