Blockchain Capital Targets $700M Across Two New Crypto Funds

The San Francisco-based firm is targeting both a second growth fund and its seventh early-stage fund as part of the raise.

Crypto News

Blockchain Capital is raising $700 million across two new funds simultaneously, according to Bloomberg, which cited a source with direct knowledge of the effort. The San Francisco-based firm is targeting both a second growth fund and its seventh early-stage fund as part of the raise.

The source told Bloomberg that Blockchain Capital has already begun deploying some of the new capital and that the fundraising process is expected to close within five to six months. The firm manages approximately $2 billion in fee-bearing assets.

Blockchain Capital's portfolio includes Coinbase, Circle, Polymarket, and Tether. The firm has remained active in recent weeks, leading a $12 million funding round for Paxos Labs last week.

The raise comes as broader

venture funding has been recovering. Monthly VC investment in the sector climbed to $2.42 billion in March, up sharply from $683.6 million in February and $1.31 billion in January.

Despite that momentum, fundraising conditions for crypto-focused VC firms remain demanding. Thomas Klocanas, managing partner at Strobe Ventures and formerly of BlockTower, told The Block that conditions could improve alongside a broader market recovery, though the bar for startups seeking capital is likely to remain elevated regardless of macro conditions.