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Quick take:
The $68 million raise follows DBA’s $50 million debut fund in 2023, bringing the total raise to $118 million.
Led by industry veterans Michael Jordan and Jon Charbonneau, the fund targets “high-conviction” bets on the modular stack, Bitcoin scaling, and decentralized governance.
DBA operates as a partner-led firm, eschewing the “index fund” model to take lead roles and concentrated positions in technical projects like Monad and MetaDAO.
DBA, the high-conviction crypto investment firm, announced on Thursday that it has successfully raised $68 million for its second venture fund, The Block reported.
The New York-based firm, which operates under the philosophy that digital asset funds should be “doing business as” (DBA) their investments, continues to double down on the technical infrastructure underpinning the future of finance.
The close of Fund II brings the firm’s total assets under management closer to its goal of providing long-term, concentrated capital to the sector. This latest raise follows a $50 million inaugural fund launched in 2023, signaling a steady expansion of the firm’s influence despite the volatile cycles typical of the blockchain industry.
DBA is led by a duo well-versed in both institutional finance and the technical aspects of blockchain technology: Michael Jordan, the former co-head of investments at Galaxy Digital, and Jon Charbonneau, a prominent researcher and Ethereum commentator, formerly of Delphi Digital.
DBA’s investment thesis remains rooted in base-layer infrastructure and capital formation. Unlike index-style funds that try to cast their net across the entire spectrum of project development, DBA focuses on lead roles in early-stage rounds where they can act as hands-on partners.
The firm’s portfolio already includes high-performance blockchain scalability platforms Monad and DoubleZero. It has also invested in the prediction markets for governance platform MetaDAO, Payy – a stablecoin-focused application aiming to streamline global payments, and the Bitcoin scaling layer-2 platform, Alpen Labs
Commenting on its fundraise, the firm noted that Fund II will continue to target both private and public markets over a 10-year closed-end horizon.
“DEXs like Hyperliquid are becoming the best trading venue for assets of all kinds,” the firm stated, highlighting their belief that decentralized infrastructure is now reaching parity with traditional systems.
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