Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, which is headquartered in San Francisco, is expected to finalize its seventh early-stage fund and second growth fund over the next five to six months, as stated in the report, citing an individual familiar with the matter. Despite being contacted, the firm did not provide a response to CoinDesk's request for a statement. Blockchain Capital, co-founded and managed by Bart Stephens and Brad Stephens, has a history of securing significant investments for the crypto sector, boasting an impressive 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 major funding round took place in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. Notably, the firm's limited partners predominantly hail from traditional financial backgrounds, comprising university endowments, sovereign wealth funds, and U.S. pension plans, among others. Currently, Blockchain Capital manages $2 billion in fee-bearing assets, with its overall portfolio valued at over $6 billion, as per Bloomberg's estimates.