Coinbase backer Blockchain Capital hunts $700 million for new funds
The San Francisco-based firm is raising for its seventh early-stage fund and second growth fund, which are expected to be completed in the next five to six months.
What to know:
- Cryptocurrency venture capital company Blockchain Capital is raising $700 million for two new funds.
- Blockchain Capital has raised around $1 billion for crypto investment, with digital asset giants such as Coinbase, Circle and Tether in its portfolio.
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 for crypto investment, with digital asset giants such as Coinbase, Circle and Tether in its portfolio.
The company’s last major raise came in 2023 when it drew $580 million for its sixth early-stage fund and one late-stage fund.
Blockchain Capital’s limited partners largely come from a traditional financial (TradFi) background, including university endowments, sovereign wealth funds, U.S. pension plans and the like. The firm manages already manages $2 billion in fee-bearing assets and a total portfolio worth more than $6 billion, according to Bloomberg.
