Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, is expected to finalize 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, Blockchain Capital did not respond to the inquiry. Founded by co-founders and managing partners Bart Stephens and Brad Stephens, the company has a notable track record of investing in the crypto space, with major players such as Coinbase, Circle, and Tether in its investment portfolio.
Having previously raised around $1 billion for crypto investments, the firm's most recent major fundraising effort was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital predominantly come from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans.
As per Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.