DBA, a New York-based crypto investment firm, has closed its second venture capital fund, bringing in approximately $62 million in committed capital. The firm’s debut $50 million fund launched in 2023 and brings DBA’s total capital under management to roughly $112 million.
Both vehicles are structured as 10-year closed-end venture funds that invest across private and public markets. The firm stated that it will continue to prioritize early-stage lead investments while maintaining flexibility to participate at all stages of the funding cycle. The announcement marks one of the notable web3 fundraising Updates in early 2026, reflecting sustained capital formation in crypto venture markets.
We are pleased to announce our $62M DBA Fund II.
DBA started as the Bear Market Homework Club. A small and local effort to find our place amongst the sincere, interesting, and interested. These are our people. We are lucky to call them partners, LPs, founders and friends. Thank…
— Michael Jordan (@different_mj) February 19, 2026
Who Built DBA
DBA was co-founded in January 2023 by Michael Jordan and Jon Charbonneau. Jordan served as Co-Head of Investments at Galaxy Digital from 2017 to 2022, where he directed the firm’s equity and protocol investment strategy, leading allocations into Fireblocks, Tagomi (now Coinbase Institutional), Bison Trails (now Coinbase Cloud), and CipherTrace (acquired by Mastercard).
Charbonneau previously led Layer-1, Layer-2, and MEV research at Delphi Digital and worked as a structured credit banker at Deutsche Bank. He holds a B.S. in Economics from Duke University and co-hosts the Uncommon Core 2.0 podcast. Both serve as Co-Founders and General Partners, and the firm operates with two investment professionals on its roster.
Portfolio and Investment Thesis
DBA‘s first fund deployed capital across a concentrated set of positions in blockchain infrastructure and decentralized applications. Confirmed investments include DoubleZero, a high-performance network infrastructure project; Monad, a parallel-execution smart contract platform; Payy, a stablecoin application; MetaDAO, a capital formation platform; and Alpen Labs, a Bitcoin scalability developer.
The firm also disclosed a material position in HYPE, the native token of decentralized exchange Hyperliquid, held both at the fund level and personally by the co-founders. That disclosure accompanied a September 2025 governance proposal co-authored by Charbonneau to burn approximately 45% of the HYPE token supply a move that drew significant industry debate.
For the second fund, DBA stated its investment focus encompasses what it describes as “internet-native financial markets,” including Bitcoin infrastructure, stablecoins, decentralized exchanges, ICO platforms, and prediction and impact markets. The firm specifically cited Hyperliquid and MetaDAO as representative of the types of infrastructure it finds compelling.
Market Context
DBA’s fund close arrives during a period of renewed institutional engagement with crypto venture capital, though the environment remains selective. Galaxy Digital’s Q4 2025 venture report found that investors deployed over $20 billion into crypto and blockchain startups in 2025 the highest annual total since 2022 and more than double the figure recorded in 2023.
On the fundraising side, crypto-focused venture funds raised $8.75 billion in 2025, with the average fund size reaching $167 million and the median at $46 million. DBA’s second fund, at roughly $62 million, sits above the median but well below the upper tier of the market. Deal activity across crypto-native financial infrastructure has also accelerated. Novig Raises $75 Million to expand its commission-free sports prediction exchange, underscoring investor appetite for internet-native financial markets that blend trading mechanics with consumer platforms.
For context, Dragonfly Capital closed its fourth fund at $650 million during the same week as DBA’s announcement, signaling that substantial institutional capital continues to flow toward blockchain-focused venture strategies despite what Dragonfly partner Rob Hadick described as a “mass extinction event” among smaller crypto venture firms.
What Comes Next
DBA has positioned its second fund to invest over a 10-year horizon, with an emphasis on concentrated, high-conviction positions rather than broad portfolio diversification. The firm’s stated philosophy captured in its name, which stands for “doing business as” centers on active partnership with portfolio companies across governance, research, and strategic development.
Whether DBA’s thesis on decentralized derivatives, prediction markets, and Bitcoin scaling translates into returns will depend on the maturation of sectors that remain largely pre-revenue. The firm’s willingness to take public market positions, including its disclosed HYPE holdings, introduces additional volatility exposure that distinguishes its approach from more conventional early-stage venture models.
