According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently raising $700 million for the launch of two new funds. The firm, headquartered in San Francisco, expects to finalize the seventh early-stage fund and second growth fund within the next five to six months, as stated in the report, which cites an individual familiar with the matter.
Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable investments including Coinbase, Circle, and Tether, totaling around $1 billion. The company's most recent major funding round took place in 2023, where it secured $580 million for its sixth early-stage fund and a late-stage fund.
The limited partners of Blockchain Capital primarily originate from traditional financial backgrounds, comprising university endowments, sovereign wealth funds, and U.S. pension plans, among others. As reported by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with a total portfolio value exceeding $6 billion.