According to a recent Bloomberg report, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million for the launch of two new funds. The funds in question include the company's seventh early-stage fund and its second growth fund, both of which are anticipated to be finalized within the next five to six months, as stated by a person with knowledge of the matter. Despite being contacted for comment, the firm did not respond to the inquiry. Blockchain Capital, which is led by co-founders and managing partners 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 total crypto investments surpassing $1 billion.
The company's most recent significant funding effort was in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. Notably, the firm's limited partners primarily originate from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans, among others.
As per the report, Blockchain Capital currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.