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Blockchain Capital is seeking to raise $700 million across two new funds, a move that would give one of crypto’s longest-running venture firms fresh capital at a point when startup financing in the sector is showing signs of life again. The firm is pursuing its seventh early-stage fund and second growth fund at the same time, with fundraising expected to close within five to six months. Some of the new capital has already begun to be deployed.

Crypto VC activity has remained uneven this year, but it has not disappeared. Industry data cited in the report showed funding climbing to $2.42 billion in March after sitting at $683.6 million in February and $1.31 billion in January, before easing back to roughly $466 million in April. That makes the Blockchain Capital raise look less like a broad-market victory lap and more like a conviction bet that the better firms can still pull meaningful capital together when the cycle is selective.

That is also consistent with where Blockchain Capital sits in the market. The firm says it has more than $2 billion in assets under management and has been partnering with crypto builders since 2013. Its portfolio includes companies such as Coinbase (NASDAQ: $COIN), Kraken, Circle (NYSE: $CRCL), Tether, Aave (CRYPTO: $AAVE), Polymarket, Anchorage Digital, EigenLayer and OpenSea, which gives the new fundraising effort a deeper backdrop than a first-time or narrowly thematic venture vehicle.   The timing matters for another reason as well. Just last week, Blockchain Capital led a $12 million funding round for Paxos Labs, showing that the firm is not waiting for the new vehicles to be fully closed before leaning into areas it sees as important. That is probably the cleaner signal here.

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Blockchain Projects Decline 75% As Developers Shift To A.I.

Stanley Druckenmiller Says Stablecoins Could Reshape Global Finance

New York Stock Exchange Invests $600 Million In Polymarket

Venture capital in crypto still looks more disciplined than exuberant, but firms with long track records and strong distribution inside the sector appear willing to keep writing checks while the market remains in that middle ground between recovery and full expansion.