According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently raising $700 million for the launch of two new funds. The fundraise, which is expected to conclude within the next five to six months, encompasses the company's seventh early-stage fund and its second growth fund, as stated by a person familiar with the matter. Despite being contacted, the firm declined to comment on the matter. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a notable track record of investing in the crypto space, with approximately $1 billion raised for investments in digital assets, including major players such as Coinbase, Circle, and Tether.
The company's most recent major fundraising effort was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The firm's investor base comprises traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans, with Blockchain Capital currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion.