According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of securing $700 million for the launch of two new funds. These funds, which include the firm's seventh early-stage fund and its second growth fund, are expected to be finalized over the next five to six months, as indicated by a source familiar with the matter.
Despite being approached for comment, the firm has chosen not to respond. Blockchain Capital, which is led by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of significant investment in the crypto space, with notable portfolio holdings including Coinbase, Circle, and Tether, totaling around $1 billion in raised capital. The company's most recent major funding round took place in 2023, wherein it secured $580 million for its sixth early-stage fund and a late-stage fund.
The firm's investor base, which is comprised of limited partners from traditional financial backgrounds, includes entities such as university endowments, sovereign wealth funds, and U.S. pension plans. As per the report, Blockchain Capital currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.