Blockchain Capital, a prominent cryptocurrency venture capital company, is reportedly seeking to raise $700 million for the launch of two new funds, as indicated by a recent Bloomberg report. The firm, headquartered in San Francisco, is expected to finalize its seventh early-stage fund and second growth fund within 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 inquiries. Blockchain Capital, founded by co-founders and managing partners Bart Stephens and Brad Stephens, has a notable track record of crypto investments, boasting an impressive portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with approximately $1 billion raised for crypto investments to date.
The company's most recent significant fundraising effort occurred in 2023, when it successfully secured $580 million for its sixth early-stage fund and a late-stage fund. Notably, the firm's limited partners predominantly originate from traditional financial backgrounds, encompassing entities such as university endowments, sovereign wealth funds, and U.S. pension plans, with the company currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion, as per Bloomberg.