According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $700 million to support the launch of two new funds. These funds, which include the firm's seventh early-stage fund and its second growth fund, are anticipated to be finalized within the next five to six months, as indicated by a source familiar with the matter. Despite being approached for comment, the firm did not provide a response to the inquiry.
Blockchain Capital, which is led by co-founders and managing partners Bart Stephens and Brad Stephens, has a notable track record of investing in the crypto space, with a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether. The company's previous fundraising efforts have resulted in the accumulation of approximately $1 billion in capital dedicated to crypto investments. The firm's most recent major fundraising endeavor took place in 2023, during which it successfully secured $580 million for its sixth early-stage fund and a late-stage fund. Blockchain Capital's investor base is primarily comprised of traditional financial institutions, including university endowments, sovereign wealth funds, and U.S.
pension plans, among others. As reported by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.