According to a Thursday report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is seeking to raise $700 million for the launch of two new funds. The fundraising efforts are expected to conclude within the next five to six months, as stated in the report, which cites an individual 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 significant crypto investments, boasting a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with approximately $1 billion raised for crypto investments. The company's most recent major fundraising effort took place in 2023, resulting in $580 million secured for its sixth early-stage fund and a late-stage fund. The firm's investor base, comprising limited partners, is primarily drawn from traditional financial institutions, including university endowments, sovereign wealth funds, and U.S.
pension plans. As reported by Bloomberg, Blockchain Capital currently manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion.