Blockchain Capital, a prominent cryptocurrency venture capital firm, is reportedly seeking to raise $700 million for the launch of two new funds, according to a recent Bloomberg report. The firm, which is headquartered in San Francisco, is expected to finalize the fundraising efforts for its seventh early-stage fund and second growth fund within the next five to six months, as stated in the report, citing an individual familiar with the matter. Despite being contacted, the firm did not provide a comment to CoinDesk. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable investments in digital asset giants such as Coinbase, Circle, and Tether, totaling around $1 billion.
The company's most recent major fundraising endeavor took place in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The firm's investor base, comprising limited partners from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans, currently manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion, as per Bloomberg.