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, anticipates completing the fundraising process for its seventh early-stage fund and second growth fund over the next five to six months. Although the company declined to comment on the matter, it has a proven track record of investing in the crypto space, with notable portfolio holdings including Coinbase, Circle, and Tether. Having previously raised approximately $1 billion for crypto investments, Blockchain Capital's co-founders and managing partners, Bart Stephens and Brad Stephens, have established the firm as a significant player in the industry.
The company's limited partners primarily hail from traditional financial backgrounds, comprising entities such as university endowments, sovereign wealth funds, and U.S. pension plans. With $2 billion in fee-bearing assets under management and a total portfolio valued at over $6 billion, Blockchain Capital is poised for continued growth and expansion.