New York-based cryptocurrency investment firm DBA has closed $68 million for its second venture fund, more than doubling the $50 million it raised for its debut fund in 2023.
The firm also disclosed that its co-founders and one or more of its funds hold a material position in the HYPE token.
The announcement comes as venture activity in cryptocurrency infrastructure accelerates heading into 2025, with early-stage rounds attracting increasingly competitive allocations.
What Happened
DBA, co-founded by former Galaxy Digital Co-Head of Investments Michael Jordan and former Delphi Digital researcher Jon Charbonneau, described both funds as 10-year closed-end vehicles investing across private and public markets.
The firm said it focuses on lead roles in early-stage deals but participates across all stages.
Portfolio positions include infrastructure projects DoubleZero and Monad, stablecoin application Payy, capital formation platform MetaDAO, and Alpen Labs, which DBA co-led with a $8.5 million round in January alongside Cyber Fund.
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Why It Matters
DBA simultaneously disclosed a notable conflict of interest: in a governance proposal to reduce total HYPE token supply on the Hyperliquid network, the firm noted that "one or more of the investment funds managed by DBA hold a material position in the HYPE token, as do both of the co-authors personally."
The disclosure is relevant given that DBA is simultaneously advocating for a supply change that could affect token value.
The firm's portfolio reflects a concentrated bet on base-layer infrastructure, Bitcoin scaling, and decentralized exchange infrastructure - areas that have attracted significant capital over the past 12 months. DoubleZero, one of DBA's positions, closed a $28 million seed round in March led by Multicoin Capital and Dragonfly at a $400 million valuation.
DBA initially targeted $500 million for its first fund in 2022 before dramatically scaling back amid the broader market downturn.
The firm's two closed funds now total $118 million in committed capital - a more modest footprint compared to larger multi-strategy crypto vehicles, but consistent with its stated strategy of maintaining 10 to 15 concentrated positions at any given time.
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