Blockchain Capital, a prominent cryptocurrency venture capital firm, is reportedly seeking to raise $700 million for the launch of two new funds, according to a recent Bloomberg report. The San Francisco-based company is expected to finalize the fundraising process for its seventh early-stage fund and second growth fund within the next five to six months.
The firm's management, led by co-founders Bart Stephens and Brad Stephens, has a proven track record in crypto investments, boasting a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether. Having previously secured around $1 billion for crypto investments, Blockchain Capital's latest fundraising endeavor follows its successful $580 million raise in 2023 for its sixth early-stage fund and a late-stage fund. The company'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.