According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds. This fundraising endeavor is expected to conclude within the next five to six months, as stated in the report, which cites a source familiar with the matter.
Despite being contacted, the firm did not provide a response to CoinDesk's request for a statement. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of raising substantial funds for cryptocurrency investments, boasting a portfolio that includes notable digital asset companies such as Coinbase, Circle, and Tether, with total investments exceeding $1 billion. The company's most recent significant fundraising effort took place in 2023, when it successfully secured $580 million for its sixth early-stage fund and a late-stage fund.
The limited partners of Blockchain Capital primarily originate from traditional financial backgrounds, comprising entities such as university endowments, sovereign wealth funds, and U.S. pension plans.
As reported by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.