🧠 Food for thought

Implications, context, and why it matters.

A long track record supports fundraising in a weak market

• Raising US$700 million in a slow market grew from years of focus on one area.
• Blockchain Capital launched in 2013 and says it created the first venture capital fund for crypto builders 1.
• That focus helped it build a portfolio of more than 100 companies and a strong place in the sector 2.
• The firm also backed Coinbase before its public listing and Bison Trails, a blockchain infrastructure company later acquired 1.
• The new raise continues a steady climb from a US$300 million fifth fund to US$580 million across a sixth early-stage fund plus its first Opportunity fund 1.

Specialist funds can gain ground as generalists pull back

• Crypto fund assets are declining overall, yet this raise suggests investors still favor managers with long experience.
• Money appears to be moving away from broad venture firms toward specialists with proven knowledge, a role Blockchain Capital has held since 2013 1.
• That shift could push more venture firms to build real sector knowledge instead of chasing short-lived hype.
• For crypto startups, funding may be tougher to secure, though experienced backers still offer capital plus networks built through more than 100 investments 2.