Blockchain Capital, a prominent cryptocurrency venture capital firm, is seeking to raise $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, is working towards completing its seventh early-stage fund and second growth fund over the next five to six months, according to a source familiar with the matter.
Despite being approached for comment, the company did not respond to CoinDesk's inquiry. Managed by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has a history of successful crypto investments, boasting a 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 funding round was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. Notably, Blockchain Capital's investor base consists largely of 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, as per Bloomberg's report.