According to a recent 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 funds in question include the company's seventh early-stage fund and its second growth fund, with the fundraising efforts expected to be finalized over the course of the next five to six months, as stated by a source familiar with the matter.
Despite being contacted 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 history of successful crypto investments, boasting a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with total investments amounting to approximately $1 billion.
The company's most recent significant fundraising endeavor took place in 2023, resulting in the accumulation of $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital primarily originate from traditional financial backgrounds, comprising entities such as university endowments, sovereign wealth funds, and U.S. pension plans.
As reported by Bloomberg, the firm currently manages $2 billion in fee-bearing assets, with its total portfolio valued at over $6 billion.