DBA Closes $68 Million Fund
New York-based crypto investment firm DBA has announced the close of its second venture capital fund at $68 million. This follows the successful $50 million Fund I launched in 2023.
DBA, short for “doing business as,” focuses on blockchain infrastructure and applications. Its investments span early-stage projects, public markets, and private ventures. Both Fund I and Fund II are 10-year closed-end funds.
The firm’s co-founders bring extensive crypto experience. Michael Jordan, former co-head of investments at Galaxy Digital, and Jon Charbonneau, a well-known Ethereum commentator, lead DBA. The team is focused on identifying foundational projects with high potential.
“Both funds invest across private and public markets,” the firm said in a statement. “We focus on lead roles in early-stage investments but remain active across all stages.”
Investment Focus and Portfolio
DBA has built a diverse portfolio. It has backed base layer infrastructure projects like DoubleZero and Monad. The firm also supports the stablecoin application Payy and ICO capital formation platform MetaDAO. Additionally, DBA has invested in Bitcoin scaling solutions, including projects from Alpen Labs.
The company emphasises lead participation in early-stage investments. However, it maintains positions across various stages and sectors. DBA’s portfolio also includes both private and public positions, demonstrating a broad approach to blockchain venture capital.
“DEXs like Hyperliquid are becoming the best trading venues for assets of all kinds,” the firm wrote in its announcement. “ICO platforms like MetaDAO are democratizing capital formation. Prediction markets are reshaping finance, media, and politics. Impact markets are gaining awareness for their ability to extend this revolution.”
Leadership and Strategy
Jon Charbonneau knows Ethereum inside out. He’s spent years digging into scaling and DeFi, both as a researcher at Delphi Digital and as a well-known voice in the Ethereum community. Michael Jordan has a different angle he co-led investment at Galaxy Digital, managing crypto venture deals and portfolios.
Now, the two of them are teaming up to hunt down the next big thing in blockchain. DBA takes an active approach, often leading early-stage rounds and supporting operational execution.
The firm also notes that one or more investment funds it manages hold material positions in the HYPE token. Both co-founders also maintain personal positions in the token. This approach reflects DBA’s engagement in projects with real ecosystem impact.
Driving Innovation in Crypto Markets
DBA’s second fund will continue to support projects that build the infrastructure for blockchain adoption. This includes decentralised exchanges, stablecoins, ICO platforms, and scaling solutions for major networks.
The firm seeks to back ventures that improve access to capital, enhance trading venues, and expand prediction markets. It views impact markets and decentralised finance as key areas for growth and innovation.
DBA aims to balance risk with strategic opportunities. Its model prioritises investments that can influence the broader ecosystem. By holding leading positions and providing operational support, the firm ensures that portfolio companies can scale effectively.
The fund’s 10-year structure allows for long-term value creation. Investments are designed to generate returns across multiple cycles in the crypto market. DBA is positioning Fund II to capitalise on emerging opportunities in blockchain infrastructure, application development, and decentralised financial markets.
Building a Broad Portfolio
DBA’s previous fund invested in both foundational and application-layer projects. DoubleZero and Monad strengthen base-layer infrastructure. Payy supports stablecoin adoption and payment solutions. MetaDAO enables democratized capital formation through ICOs. Alpen Labs develops scaling solutions for Bitcoin.
The new fund will continue this approach. DBA will pursue opportunities across multiple segments, including decentralised exchanges, prediction markets, and emerging impact markets. The goal is to support projects with strong technical foundations and significant network effects.
The firm also emphasises public blockchain participation. By maintaining positions in both private and public markets, DBA ensures exposure to a wide range of crypto innovation. This strategy allows the firm to influence ecosystem development while capturing growth opportunities.
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Outlook for Blockchain Investment
DBA’s co-founders highlight the evolving nature of crypto markets. Decentralised exchanges are becoming more efficient trading venues. ICO platforms are opening up new ways for people to access capital. Prediction markets aren’t just a buzzword anymore—they’re starting to shape both finance and politics. Impact markets are picking up momentum all over the world.
DBA just raised $68 million for its second fund, which shows they really believe in blockchain’s future. They’re not just watching from the sidelines—they’re putting money into building better infrastructure, driving adoption, and making sure participants actually benefit.
With real experience and a strong track record, DBA is ready to ride the next big wave of blockchain innovation. Their portfolio isn’t random; it’s a balanced mix of solid infrastructure and up-and-coming applications. The fund’s goal is simple: back projects that can grow for the long haul and help define where crypto finance goes next.
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