Crypto-focused venture firm Dragonfly acquires hedge fund
Crypto-focused venture firm Dragonfly acquired hedge fund MetaStable Capital for an undisclosed amount
Dragonfly, a crypto-focused venture firm, recently acquired the digital asset-focused investment fund MetaStable Capital. The move comes in the wake of the ongoing bear market and the consolidation phase the crypto industry is currently in. The acquisition had Dragonfly dropping the word ‘Capital’ from its title, rebranding itself to reflect its growing hold in the digital asset space.
MetaStable Capital was co-founded by Naval Ravikant in 2014. The managing partner of Dragonfly, Haseeb Qureshi, avered that the acquisition reflects the broad consolidation phase underway in the crypto market. The cost of the acquisition remains an undisclosed figure. Qureshi said that the venture firm was ‘committing to our crypto native roots’ despite the bear market causing an outflux of traditional names from the crypto market.
Previously the venture firm had also increased its exposure to the digital asset sector via multiple private investment rounds. It had closed a $650 million funding round in April in a bid ot extend its crypto portfolio. The funding round had seen the likes of Tiger Global, Invesco, Sequoia China, and KKR participating in the proceedings.