Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently in the process of raising $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, based in San Francisco, intends to allocate these funds to its seventh early-stage fund and second growth fund, with the investment rounds anticipated to conclude 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 the inquiry. As a leading investor in the crypto space, Blockchain Capital has previously secured around $1 billion in funding for digital asset investments, boasting an impressive portfolio that includes major players such as Coinbase, Circle, and Tether. The company's co-founders and managing partners, Bart Stephens and Brad Stephens, have been instrumental in driving its growth.
The firm's most recent significant funding round took place in 2023, when it raised $580 million for its sixth early-stage fund and a late-stage fund. Notably, Blockchain Capital's investor base 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.