Cryptocurrency venture capital firm Blockchain Capital is raising $700 million for two new funds, Bloomberg reported Thursday.
The San Francisco-based firm is currently raising its seventh seed fund and second growth fund, which are expected to be completed in the next five to six months, according to the report, citing 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 already raised around $1 billion for crypto investing, with digital asset giants such as Coinbase, Circle and Tether in its portfolio.
The company’s last major raise came in 2023, when it raised $580 million for its sixth seed fund and a late-stage fund.
Blockchain Capital’s backers are largely from the traditional financial community (TradFi), including university endowments, sovereign wealth funds, US pension plans, etc. The company already manages $2 billion in fee-earning assets and a total portfolio worth more than $6 billion, according to Bloomberg.
