Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, is expected to finalize its seventh early-stage fund and second growth fund within the next five to six months, according to a source familiar with the matter. Despite being approached for comment, the firm did not respond to CoinDesk's inquiry.
With co-founders and managing partners Bart Stephens and Brad Stephens at the helm, Blockchain Capital has previously secured around $1 billion in funding for cryptocurrency investments, boasting an impressive portfolio that includes digital asset giants such as Coinbase, Circle, and Tether. The company's most recent significant funding round took place in 2023, when it raised $580 million for its sixth early-stage fund and a late-stage fund.
Notably, Blockchain Capital's limited partners predominantly hail 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, as per Bloomberg's report.