According to a report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds. The firm, which is headquartered in San Francisco, anticipates completing the fundraising for its seventh early-stage fund and second growth fund within the next five to six months, as stated in the report, citing information from a person with knowledge of the matter. Despite being contacted, the company did not provide a response to the request for comment.
Blockchain Capital, which is led by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with a portfolio that includes major digital asset companies such as Coinbase, Circle, and Tether, and has raised approximately $1 billion for crypto investments. The company's most recent major fundraising effort took place in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital primarily come from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans, among others.
As per the report by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.