Blockchain Capital is quietly targeting a $700 million raise for two new crypto funds, according to a Bloomberg report.
The San Francisco-based venture firm is reportedly marketing a seventh early-stage fund alongside a second growth vehicle, with both expected to close within the next five to six months, a person familiar with the matter told Bloomberg. CoinDesk’s request for comment from Blockchain Capital went unanswered.
Run by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has been a long-standing presence in crypto venture investing. The firm has previously raised about $1 billion for digital-asset investments and counts major industry names such as Coinbase, Circle and Tether among its backers. Its most recent significant fundraising was in 2023, when it collected roughly $580 million across a sixth early-stage fund and a late-stage vehicle.
Bloomberg notes that many of Blockchain Capital’s limited partners come from traditional finance—university endowments, sovereign wealth funds and U.S. pension plans—and that the firm currently manages around $2 billion in fee-bearing assets, with a total portfolio valued at more than $6 billion.
If the $700 million target is met, it will reinforce continued institutional appetite for crypto venture exposure and add fresh dry powder for startups across early and growth stages.
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