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Blockchain Capital

San Francisco, CABLOCKCHAIN-CAPITAL
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Dossier Summary

Pioneer crypto venture fund that has been investing in blockchain companies and protocols since 2013.

Classification
Slugblockchain-capital
HQSan Francisco, CA
Stage FocusSeed to Series B crypto-native investments, heavy on DeFi…
Intel StatusAccepting submissions
🔥 BERNIE'S HOT TAKE

The OG crypto VCs who actually understand the technology and have the battle scars to prove it. Unlike funds that jumped into crypto during the 2021 hype cycle, these guys have been grinding since 2013 and have real conviction. They're genuinely helpful on tokenomics, regulatory strategy, and crypto-specific challenges that traditional VCs fumble. The downside? They can be overly crypto-maximalist and might push you toward token models when equity makes more sense. Also, their portfolio is so crypto-heavy that they're not great for companies that need traditional enterprise or consumer expertise.

KEY TAKEAWAYS
  • —Best for: Crypto-native startups needing tokenomics and regulatory guidance
  • —Watch out for: Pushing token models when equity makes more sense
  • —Known for: Deep crypto expertise and early Coinbase/OpenSea wins
Investment Thesis

Early-stage crypto and blockchain infrastructure investments, from protocols to applications. They believe blockchain will fundamentally restructure finance, gaming, and internet infrastructure.

Stage & Sector Focus

Seed to Series B crypto-native investments, heavy on DeFi protocols, NFT platforms, and blockchain infrastructure. Portfolio skews toward technical teams building foundational crypto primitives rather than traditional companies adding blockchain features.

Notable Portfolio
CoinbaseKrakenOpenSeaDapper LabsAnchorageBlockFiTelegramChainalysis
Key Partners
Bart Stephens
Co-Founder & Managing Partner

Former investment banker turned crypto evangelist since 2013. Known for early Coinbase bet and strong technical due diligence. Founders say he's genuinely helpful on crypto regulatory issues and tokenomics design.

Brad Stephens
Co-Founder & Managing Partner

Bart's brother, former finance background. Less technical but strong on business development and traditional finance connections. Partners well with technical founders who need help with institutional adoption.

Spencer Bogart
General Partner

Former Needham & Company blockchain analyst, joined in 2017. Sharp on crypto markets and institutional adoption trends. Founders appreciate his realistic market timing advice and LP network introductions.

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