Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, anticipates completing the fundraising for its seventh early-stage fund and second growth fund within the next five to six months, according to a source familiar with the matter. Despite being approached for comment, the company did not respond to CoinDesk's inquiry.
Founded by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has previously secured approximately $1 billion in investments for the crypto sector, boasting an impressive portfolio that includes notable digital asset players such as Coinbase, Circle, and Tether. The company's most recent major fundraising endeavor took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. Blockchain Capital's investor base primarily comprises 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, as per Bloomberg's report.