Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds, according to a report by Bloomberg. The funds in question include the company's seventh early-stage fund and its second growth fund, with completion anticipated within the next five to six months, as stated by a source familiar with the matter. Despite being approached for comment, the firm did not respond to the request.
Blockchain Capital, co-founded 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 total investments amounting to approximately $1 billion. The company's most recent major funding effort occurred in 2023, securing $580 million for its sixth early-stage fund and a late-stage fund. Notably, the firm'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.