Blockchain Capital, a prominent cryptocurrency venture capital firm, is reportedly seeking to raise $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, is expecting to finalize the fundraising process for its seventh early-stage fund and second growth fund within the next five to six months, according to a source familiar with the matter. Despite being approached for comment, the firm did not respond to the request. Blockchain Capital, co-founded by 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 around $1 billion.
The company's most recent significant fundraising effort was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The firm's investor base comprises traditional financial institutions, including university endowments, sovereign wealth funds, and U.S. pension plans, and currently manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion, as per Bloomberg.