Cryptocurrency venture capital firm Blockchain Capital is raising $700 million for two new funds, Bloomberg reported Thursday.
The San Francisco-based firm is raising its seventh early-stage fund and second growth fund, which the report said is expected to close in the next five to six months, citing a person familiar with the matter.
The firm did not respond to CoinDesk’s request for comment.
Blockchain Capital, run by two co-founders and managing partners, Bart Stephens and Brad Stephens, has previously raised around $1 billion in crypto investments with digital asset giants like Coinbase, Circle and Tether in its portfolio.
The company’s last big raise came in 2023, when it raised $580 million for its sixth early-stage fund and one late-stage fund.
Blockchain Capital’s limited partners come largely from traditional financial (TradFi) backgrounds, including university endowments, sovereign wealth funds, US pension plans and the like. The firm already manages $2 billion in fee-bearing assets and a total portfolio of more than $6 billion, according to Bloomberg.
