TL;DR:
- Blockchain Capital seeks to raise $700 million split between its seventh early-stage fund and its second growth fund.
- The firm, which manages $2 billion in assets, has already begun deploying part of the capital before closing the fundraising process.
- Both funds could reach their final close within a five-to-six-month timeframe.
Blockchain Capital, the venture capital firm specializing in crypto assets, seeks to raise $700 million through two new investment vehicles, according to a report by Bloomberg. The firm is simultaneously advancing the capital raise for its seventh early-stage fund and its second growth fund, and has already begun deploying a portion of the capital raised before completing the fundraising process.
The close of both funds is estimated within a five-to-six-month timeframe, according to a source familiar with the matter. The company, co-founded and led by brothers Bart Stephens and Brad Stephens, currently manages $2 billion in fee-generating assets and a total portfolio valued at over $6 billion.
Blockchain Capital: A Track Record of Success
Its track record is the strongest foundation for understanding the ambition behind its target. Blockchain Capital has backed some of the most relevant companies in the crypto ecosystem, including Coinbase, Circle, Polymarket, and Tether. Its last major fundraising round dates back to 2023, when it raised $580 million for its sixth early-stage fund and a late-stage fund. The new campaign would bring the total historical amount raised for crypto investment to approximately $1.7 billion.
The company also maintains a considerable level of market activity: last week it led a $12 million funding round for Paxos Labs.
Venture Capital Funding on the Rise
Blockchain Capital’s limited partner base comes primarily from the traditional financial world, with the presence of university endowments, sovereign wealth funds, and U.S. pension plans — a profile that reinforces the institutional credibility of its processes.
Crypto venture capital funding climbed to $2.42 billion in March, up from $683.6 million in February. However, Thomas Klocanas, managing partner at Strobe Ventures, warned that fundraising conditions will remain demanding for new funds, even if the market recovers in the coming months.
