According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of securing $700 million for the launch of two new funds. The report, citing a person familiar with the matter, indicates that the San Francisco-based company is working towards completing its seventh early-stage fund and second growth fund within the next five to six months. Despite being approached for comment, the firm did not respond to CoinDesk's inquiry. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of successful 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 significant fundraising effort was in 2023, when it successfully raised $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, as per Bloomberg.