Crypto investment firm DBA raises $68 million for its second venture fund
DBA, the New York-based crypto investment firm backed by prominent Crypto Twitter personality Jon Charbonneau, has raised $68 million for its second venture fund. This adds to the group's $50 million Fund I raised in 2023.
"Both are 10-year closed-end venture funds investing across private and public markets," DBA wrote in a statement on Thursday. "We focus on lead roles in early-stage investments, but we are active across all stages."
The fund, short for "doing business as," is led by former Delphi Digital researcher Charbonneau, known for his commentary on Ethereum scaling, and former co-head of investments at Galaxy Digital, Michael Jordan.
DBA has previously invested in base layer infrastructure like DoubleZero and Monad, the stablecoin app Payy, capital formation platform MetaDAO, and Alpen Labs, which is building a Bitcoin scaling solution, among "other private and public positions."
The firm and its co-founders also note in a proposal to reduce the total HYPE token supply that "one or more of the investment funds managed by DBA hold(s) a material position in the HYPE token, as do both of the co-authors personally."
"DEXs like Hyperliquid are becoming the best trading venue for assets of all kinds. 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," DBA wrote in Thursday's announcement.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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1. Technology stocks fell sharply as investor interest shifted toward energy and selected defensive assets. From October 10 to 16, the Nasdaq 100 declined 5.49% and the S&P 500 fell 1.95%, while the Dow gained 0.67% and WTI crude rose 10.41%. BTC, ETH, and SOL declined 1.27%, 2.65%, and 4.44%, respectively. This week's technology earnings will be an important test of whether revenue growth, margins, and cash flow can justify current valuations. Better-than-expected results could help stabilize markets in the near term. 2. Crypto continues to see pockets of strong activity, but a broad-based altcoin season has yet to materialize. CoinMarketCap's (CMC) Altcoin Season Index stood at 54 as of the October 18 UTC daily observation, below the altcoin-season threshold of 75, while BTC dominance rose to 60.08%. Our proxy leverage ratio fluctuated between 4.00 and 4.07 during the week, showing no sustained increase and suggesting limited appetite for additional leverage. Meanwhile, as major exchanges expand access to traditional financial assets, the recent sell-off in AI-related equities could attract short-term speculative capital away from crypto. Such capital rotation could make it more difficult for a new altcoin season to take hold. 3. Papertrade's loss-to-mine model has generated significant interest across the crypto community. The protocol combines high-leverage derivatives trading with zero slippage and a mechanism that rewards trading losses with PAPER tokens. Across the eight complete UTC days from October 10 to 17, cumulative reported revenue reached approximately $56.08 million, including $51.90 million distributed to token holders. With growing participation from key opinion leaders (KOLs), Papertrade has reportedly ranked among the top three platforms by profitability in the broader market recently. Assets to watch: BTC, ETH, SOL, ARB, OP, SKHYNIX, SKHY, META, TSLA, LRCX, and SPCX. Key research priorities this week: Cash flow performance in technology earnings; the relative discount and holding costs of the two SK Hynix contracts; and U.S. initial jobless claims and PMI data. Weekly market data cover the period through October 16, while research information was verified through October 18. Observation periods are specified separately for each chart.
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