According to a report from Bloomberg on Thursday, cryptocurrency venture capital firm Blockchain Capital is in the process of raising $700 million for two new funds. The San Francisco-based company is aiming to finalize its seventh early-stage fund and second growth fund within the next five to six months, as stated by an informed source.
Blockchain Capital did not provide a comment when approached by CoinDesk regarding this development.
Managed by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has previously accumulated approximately $1 billion for crypto investments. The firm’s notable portfolio includes major digital asset companies such as Coinbase, Circle, and Tether.
The company’s most recent significant fundraising effort occurred in 2023, when it secured $580 million for its sixth early-stage fund along with a late-stage fund. Blockchain Capital predominantly attracts limited partners from the traditional financial sector, including university endowments, sovereign wealth funds, U.S. pension plans, and similar entities. Presently, the firm manages about $2 billion in fee-bearing assets, with an overall portfolio valued at over $6 billion, Bloomberg reported.