Blockchain Capital, a prominent cryptocurrency venture capital firm, is reportedly seeking to raise $700 million for two new funds, according to a Thursday report by Bloomberg. The firm, which is headquartered in San Francisco, expects to finalize its seventh early-stage fund and second growth fund in the next five to six months, citing a source familiar with the matter. Despite being approached for comment, the company did not respond to CoinDesk's inquiry. With its co-founders and managing partners, Bart Stephens and Brad Stephens, at the helm, Blockchain Capital has previously secured around $1 billion in investments for the crypto sector, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether.
The company's most recent significant funding round occurred in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. Notably, Blockchain Capital's limited partners primarily hail from traditional financial backgrounds, 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.