Blockchain Capital

Blockchain Capital is a venture capital firm founded in 2013 by Bart Stephens and Brad Stephens. Based in San Francisco, the firm manages over $2 billion in assets under management across early-stage and growth investment vehicles. In 2023, the team closed $580 million across its sixth early-stage fund and an opportunity fund, adding to a history of dedicated digital asset funds that dates back to its initial crypto vehicle in 2014.

Investment strategy and sectors

The firm backs founders across decentralized finance, centralized infrastructure, consumer crypto applications, and identity systems. Investments span initial seed rounds through late-stage growth equity. Blockchain Capital often acts as lead investor, taking board or advisory roles and providing operational support.

Notable investments

Early portfolio companies include Coinbase, which went public in 2021, and infrastructure provider Bison Trails, which Coinbase acquired in 2019. The firm led a $40 million Series B round for Anchorage Digital in 2019 and a $50 million Series A round for EigenLayer in March 2023. Other major investments include seed backing for OpenSea in 2019, leading Worldcoin's $115 million Series C round in May 2023, and participating in rounds for Kraken, Aave, Circle, and Tether.

Recent activity includes leading a $12 million round for Paxos Labs in April 2026, leading a $70 million Series C financing for TRM Labs in February 2026, and participating in Polymarket's $150 million round in October 2025.