TL;DR:
- DBA closed its second venture capital fund at $68 million, adding to the $50 million raised in its first fund back in 2023.
- The firm is led by Michael Jordan, former co-chief investment officer at Galaxy Digital, and Jon Charbonneau, former researcher at Delphi Digital.
- Its portfolio includes DoubleZero, Monad, stablecoin app Payy, MetaDAO, and Alpen Labs, a Bitcoin scalability solution.
DBA, the crypto venture capital firm based in New York, closed its second fund with $68 million in committed capital. In 2023, it had already raised $50 million for its first investment vehicle.
Both funds operate under a ten-year closed-end fund structure and invest across both private and public markets. According to a statement released by the firm, its primary focus is on early-stage investment leadership roles, although it remains active across all stages of the funding cycle.
DBA Built a Portfolio With High-Profile Bets
The firm was co-founded by Michael Jordan, former co-chief investment officer at Galaxy Digital, and Jon Charbonneau, widely recognized for his tenure as a researcher at Delphi Digital and his extensive body of analysis on Ethereum scaling. Confirmed investments include DoubleZero and Monad in base layer infrastructure, the stablecoin application Payy, MetaDAO as a capital formation platform via ICO, and Alpen Labs, which is developing a scalability solution for Bitcoin.
In addition, the firm’s co-founders disclosed in a proposal to reduce the total supply of the HYPE token that the funds managed by DBA have invested in the token, as have both of them in a personal capacity.
Beyond Traditional Venture
DBA noted that decentralized exchanges like Hyperliquid are positioning themselves as the best trading platforms for assets of all kinds, that platforms like MetaDAO are democratizing capital formation, and that prediction markets are redefining the dynamics of finance, media, and politics. The firm also highlighted the growth of impact markets as a natural extension of this transformation.
With this second close, DBA has accumulated a total of $118 million and is consolidating its position as one of the most active crypto venture capital firms in the early-stage segment of the U.S. market.
