Blockchain Capital, a prominent cryptocurrency venture capital firm, is reportedly seeking to raise $700 million for the launch of two new funds, according to a recent Bloomberg report. The firm, headquartered in San Francisco, is currently in the process of raising funds for its seventh early-stage fund and its second growth fund, with the fundraising efforts expected to be finalized over the next five to six months, as cited by a person familiar with the matter in the report. Despite attempts to solicit a comment, the firm did not respond to requests from CoinDesk. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of securing significant investments for cryptocurrency ventures, boasting a portfolio that includes major digital asset players such as Coinbase, Circle, and Tether, with total crypto investments nearing $1 billion.
The company's most recent major fundraising endeavor took place in 2023, wherein it successfully secured $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, 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.