TLDR
- Blockchain Capital is raising two new funds worth a combined $700 million.
- The firm is working on its seventh early-stage fund and second growth fund.
- The fundraising process may close within the next five to six months.
- Blockchain Capital has backed Coinbase, Circle, and Tether in earlier rounds.
- The firm manages about $2 billion in fee-bearing assets, Bloomberg reported.
Blockchain Capital, an early backer of Coinbase, is raising two new funds worth $700 million. The San Francisco firm is seeking fresh capital for early-stage and growth crypto deals. The fundraising effort comes as venture firms keep watching digital asset markets and startup activity.
New raise targets early-stage and growth deals
Blockchain Capital is working on its seventh early-stage fund and its second growth fund. Bloomberg reported that the two funds may close within five to six months. The report cited a person familiar with the matter.
The firm did not respond to CoinCentral request for comment. Still, the reported target shows that investor interest remains active in selected crypto sectors. That includes firms building trading, payments, and blockchain tools.
Blockchain Capital, a venture-capital firm that invests in crypto, is in the process of raising $700 million for two new funds, according to a source https://t.co/PUuUC15NRk
— Bloomberg (@business) April 22, 2026
Blockchain Capital has been active in crypto venture investing for years. It has backed companies such as Coinbase, Circle, and Tether. Those names helped place the firm among the best-known investors in the sector.
Its last major raise came in 2023. At that time, it secured $580 million across its sixth early-stage fund and one late-stage fund. The new target would add to that earlier capital base.
Traditional investors remain part of the capital base
The firm’s limited partners mainly come from traditional finance. Bloomberg said they include university endowments, sovereign wealth funds, and U.S. pension plans. That mix shows that crypto venture funding still draws institutional money.
Blockchain Capital has already raised about $1 billion in earlier funds, according to the report. It now manages about $2 billion in fee-bearing assets. Its total portfolio is worth more than $6 billion, Bloomberg said.
That asset base gives the firm room to keep backing private crypto companies. It also gives portfolio firms access to a network of large investors. For young startups, that support can matter as funding stays selective.
The firm is led by co-founders and managing partners Bart Stephens and Brad Stephens. Under their leadership, Blockchain Capital has stayed focused on crypto assets and blockchain companies. The latest raise follows that same strategy.
Fundraising comes as crypto venture activity shifts
Crypto venture funding has changed since the market highs of earlier cycles. Investors are now more careful, and many prefer firms with long records. Blockchain Capital fits that group because it has invested across several market phases.
The new funds would let the firm keep writing checks at different stages. One fund is aimed at early-stage startups, while the other is for growth investments. That structure gives the firm a wider reach across the market.
A person familiar with the matter told Bloomberg that the process is moving ahead. The report said the funds are expected to close in the next five to six months. That timeline places the raise among the larger current crypto venture efforts.
For the wider market, the move shows that established firms are still raising capital. It also shows that backers with Coinbase in their portfolio remain active. As a result, Blockchain Capital is trying to build its next wave of crypto bets.
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