DBA, a New York-based crypto investment firm, has announced the closing of its Fund II at $62 million. This follows their $50 million Fund I raised in 2023, bringing their total capital under management to approximately $112 million across two 10-year closed-end venture funds.
The funds invest across private and public markets, with a focus on early-stage opportunities in blockchain infrastructure, decentralized finance (DeFi), decentralized exchanges like Hyperliquid, internet-native financial markets including stablecoins, prediction/impact markets, and ICO platforms like MetaDAO, and Bitcoin scaling solutions.
DBA is founder-led by: Michael Jordan, former co-head of investments at Galaxy Digital. Jon Charbonneau (former Delphi Digital researcher and prominent Ethereum commentator). Their first fund backed projects such as DoubleZero, Monad, Payy, MetaDAO, AlpenLabs, and took a material position in the $HYPE token associated with Hyperliquid DEX.
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The announcement came directly from Michael Jordan on X, where he reflected on DBA’s origins as the “Bear Market Homework Club” — a small community effort that grew into a respected crypto VC player. This raise reflects continued institutional interest in crypto venture capital, even amid market fluctuations, as firms target long-term infrastructure plays in the space.
The recent closing of DBA’s Fund II at $62 million marks a meaningful milestone in the crypto venture capital landscape as of February 2026. Note that some media outlets reported a slightly higher figure of $68 million, likely due to rounding, final commitments, or reporting variances, but the primary source from DBA itself states $62M.
This raise builds on their $50 million Fund I from 2023, pushing total assets under management to around $112 million in long-term, closed-end venture funds. In a market that’s seen cycles of boom and bust, DBA’s ability to secure a larger follow-on fund up ~24% from Fund I reflects growing conviction among limited partners (LPs) — including family offices, institutions, and high-net-worth individuals — that crypto’s core infrastructure plays remain worthy of long-term (10-year) capital commitments.
This comes amid broader 2025–2026 trends: recovering crypto prices, clearer regulatory tailwinds in some jurisdictions, and renewed focus on fundamentals rather than hype-driven memecoins or short-term trades.
It contrasts with more cautious VC environments in other tech sectors and underscores that specialized, conviction-driven crypto funds like DBA can still attract meaningful capital.
DBA emphasizes lead roles in early-stage investments across private and public markets, targeting: Blockchain infrastructure such as scaling solutions, modular stacks like those in Monad or DoubleZero from Fund I.Decentralized finance innovations (DeFi primitives, stablecoins like Payy).
Internet-native financial markets; decentralized exchanges such as Hyperliquid, prediction markets, impact markets, ICO-style capital formation platforms like MetaDAO. Bitcoin scaling and related layers. With fresh dry powder, DBA is well-positioned to write larger checks, lead rounds, and provide hands-on support to founders in these high-conviction areas.
This could accelerate development in underserved niche like prediction/impact markets, which DBA highlights as emerging frontiers for reshaping finance, media, and even social coordination. DBA’s origins as the informal “Bear Market Homework Club” evolving into a respected VC player highlight the power of community-rooted, research-driven investing.
Their track record with Fund I backing winners like Monad, DoubleZero, Payy, MetaDAO, and a material $HYPE position in Hyperliquid gives credibility to their thesis-driven style — focusing on concentrated bets rather than broad portfolios. More founder-friendly capital for aligned builders, especially those tackling complex technical or economic design challenges in crypto.
This raise aligns with other positive crypto VC signals like renewed interest in Bitcoin-native DeFi, Layer-1/2 infrastructure, and institutional-grade tools. It suggests capital is flowing to teams with deep domain expertise and long-term horizons, rather than speculative retail-driven projects.
However, crypto VC remains competitive and high-risk — success depends on execution in volatile markets, regulatory evolution, and macro conditions. DBA Fund II’s close reinforces that thoughtful, infrastructure-oriented crypto investing has durable appeal, even post-bear cycles.
It provides fresh fuel for the next generation of decentralized financial primitives and could contribute to meaningful ecosystem maturation over the coming years.