According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million to support two new funds. The San Francisco-based company is expected to finalize its seventh early-stage fund and second growth fund within the next five to six months, as stated by a person with knowledge of the matter. Despite being approached for comment, the firm did not respond to CoinDesk's inquiry.
Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a notable portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, having previously secured around $1 billion for cryptocurrency investments. The company's most recent significant fundraising effort was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital predominantly originate from traditional financial backgrounds, 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.