Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently seeking to raise $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, expects to finalize the seventh early-stage fund and its second growth fund 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 CoinDesk's inquiry. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of significant crypto investments, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with approximately $1 billion raised for crypto investments. The company's most recent major fundraising effort was in 2023, when it successfully secured $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.