According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million to support the launch of two new funds. The firm, which is headquartered in San Francisco, anticipates completing the fundraising efforts for its seventh early-stage fund and second growth fund within the next five to six months.
The report cites a person familiar with the matter, although the firm has not responded to requests for comment. As a leading investor in the crypto space, Blockchain Capital has previously secured around $1 billion for investments in digital assets, with notable companies such as Coinbase, Circle, and Tether in its portfolio. The firm's co-founders and managing partners, Bart Stephens and Brad Stephens, have been instrumental in driving its growth. Blockchain Capital's last major fundraising effort took place in 2023, when it raised $580 million for its sixth early-stage fund and a late-stage fund.
The company's investor base comprises traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans, and it currently manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion.