According to a report by Bloomberg on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million for the launch of two new funds. The fundraising efforts for the company's seventh early-stage fund and second growth fund are anticipated to conclude within the next five to six months, as stated in the report, which cites information from a person familiar with the matter.
Despite being approached for comment, the firm did not respond to CoinDesk's inquiry. Blockchain Capital, which is led by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of raising substantial funds for crypto investments, boasting a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with approximately $1 billion raised for crypto investment. The company's most recent major fundraising endeavor took place in 2023, securing $580 million for its sixth early-stage fund and a late-stage fund.
Notably, Blockchain Capital's limited partners primarily originate from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans, among others.
The firm currently manages $2 billion in fee-bearing assets, with its total portfolio exceeding $6 billion, as reported by Bloomberg.