Blockchain Capital Seeks $700 Million for Two New Funds

Source

JOON HYOUNG LEE

Summary

Cryptocurrency venture capital firm Blockchain Capital is seeking to raise two new funds with a combined size of $700 million.
Blockchain Capital previously invested in Coinbase, Kraken and Tether (USDT) through a $1 billion crypto-focused fund, according to the report.
Blockchain Capital’s assets under management (AUM) currently stand at about $2 billion, while the value of its overall portfolio exceeds $6 billion.

Forecast Trend Report by Period

Blockchain Capital, a crypto venture capital firm, is seeking to raise $700 million across two new funds.

Bloomberg reported on April 22 that the firm recently began raising its seventh early-stage fund and second growth-stage fund. The fundraising is expected to wrap up within the next five to six months. Bloomberg also reported that some of the capital has already been deployed.

Blockchain Capital previously raised a $1 billion crypto-focused fund. It used that money to invest in Coinbase, Kraken and Tether, according to the report.

The firm currently manages about $2 billion in assets under management. Its overall portfolio is valued at more than $6 billion.

Bloomberg said the fundraising comes as the crypto industry endures a difficult stretch. Data from Crypto Fund Research showed total assets under management across the global crypto venture capital industry fell to $93.4 billion in the first quarter from $101.5 billion in the same period a year earlier, a decline of nearly 8%.

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