Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently in the process of raising $700 million to support two new funds, as reported by Bloomberg on Thursday. The company, headquartered in San Francisco, intends to allocate these funds to its seventh early-stage fund and second growth fund, with the goal of completing the fundraising process within the next five to six months, according to a source familiar with the matter. Despite being approached for comment, the firm did not respond to CoinDesk's inquiry.
Managed by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has a history of investing in the crypto space, with notable portfolio companies including Coinbase, Circle, and Tether, and has raised approximately $1 billion for crypto investments. The company's most recent significant fundraising effort occurred in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund.
Blockchain Capital's investor base consists largely of traditional financial institutions, such as university endowments, sovereign wealth funds, and U.S. pension plans, and the firm currently manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion, as per Bloomberg's report.