Cryptocurrency venture capital firm Blockchain Capital is raising $700 million for two new funds, Bloomberg reported Thursday.
The San Francisco-based firm is raising funds for its seventh seed-stage fund and its second growth fund, which are expected to be completed in the next five to six months, according to the report, which cited a person familiar with the matter.
The company did not respond to CoinDesk’s request for comment.
Blockchain Capital, led by two co-founders and managing partners, Bart Stephens and Brad Stephens, has previously raised around $1 billion for cryptocurrency investments, with digital asset giants such as 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 largely come from a traditional financial background (TradFi), including university endowments, sovereign wealth funds, US pension plans and the like. The company already manages $2 billion in earning assets and a total portfolio valued at more than $6 billion, according to Bloomberg.
