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 firm, based in San Francisco, expects to finalize these funds within the next five to six months, as stated in the report, which cites an individual familiar with the matter.
Despite being approached for comment, Blockchain Capital did not respond to CoinDesk's inquiry. The company, co-founded and managed by Bart Stephens and Brad Stephens, has a history of substantial 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 firm'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, Blockchain Capital's limited partners predominantly originate from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans, among others. As per Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio exceeding $6 billion.