According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of raising $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 did not respond to the inquiry.
Blockchain Capital, which is led by co-founders and managing partners Bart Stephens and Brad Stephens, has a history of significant crypto investments, with notable digital asset companies such as Coinbase, Circle, and Tether included in its portfolio. The company's previous fundraising efforts have resulted in the accumulation of approximately $1 billion for crypto investment.
The firm's most recent major fundraising endeavor took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. The limited partners of Blockchain Capital predominantly 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.