It is well known that the bearing capacity of bolted connections subjected to tensile forces is affected by eccentricity. However, the effect of the bending moment caused by the eccentricity on the bearing capacity has not been fully investigated. This study conducted a series of tensile tests and finite element analyses of brace members and examined the stress distribution in the cross-section. Then, a novel method of estimating the bearing capacity determined by the net section fracture in FEA was proposed. Furthermore, design equations for bolted connections that consider the effect of eccentricity in each cross-section were developed.