Cryptocurrency venture capital company Blockchain Capital is raising $700 million for two new funds, Bloomberg reported on Thursday.
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, according to the report, 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 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.