Cryptocurrency enterprise capital firm Blockchain Capital is elevating $700 million for 2 new funds, Bloomberg reported on Thursday.
The San Francisco-based agency is elevating for its seventh early-stage fund and second development fund, that are anticipated to be accomplished within the subsequent 5 to 6 months, in response to the report, citing an individual accustomed to the matter.
The agency didn’t reply to CoinDesk’s request for remark.
Blockchain Capital, run by two co-founders and managing companions, Bart Stephens and Brad Stephens, has beforehand raised round $1 billion for crypto funding, with digital asset giants equivalent to Coinbase, Circle and Tether in its portfolio.
The corporate’s final main increase got here in 2023 when it drew $580 million for its sixth early-stage fund and one late-stage fund.
Blockchain Capital’s restricted companions largely come from a standard monetary (TradFi) background, together with college endowments, sovereign wealth funds, U.S. pension plans and the like. The agency manages already manages $2 billion in fee-bearing property and a complete portfolio value greater than $6 billion, in response to Bloomberg.
