According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds. The firm, which is headquartered in San Francisco, anticipates completing the fundraising process within the next five to six months.
The report cites a person familiar with the matter, although the firm itself has not responded to requests for comment. Blockchain Capital has a notable track record, having previously raised approximately $1 billion for investments in the crypto space, with major digital asset companies such as Coinbase, Circle, and Tether in its portfolio. The company's co-founders and managing partners, Bart Stephens and Brad Stephens, have been at the helm of its investment efforts. In its last major funding round in 2023, the firm secured $580 million for its sixth early-stage fund and a late-stage fund.
The limited partners of Blockchain Capital largely hail from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans.
Currently, the firm manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.