DBA Closes $68M Second Fund Amid Crypto Infrastructure Boom

New York-based cryptocurrency investment firm DBA has closed $68 million for its second venture fund, more than doubling the $50 million it raised for its debut fund in 2023.

The firm's co-founders and one or more of its funds hold a material position in the HYPE token, as disclosed in a governance proposal to reduce total HYPE token supply on the Hyperliquid network.

DBA focuses on lead roles in early-stage deals but participates across all stages. Its portfolio includes infrastructure projects DoubleZero and Monad, stablecoin application Payy, capital formation platform MetaDAO, and Alpen Labs, which DBA co-led with a $8.5 million round in January alongside Cyber Fund.

The firm's concentrated bet on base-layer infrastructure, Bitcoin scaling, and decentralized exchange infrastructure has attracted significant capital over the past 12 months. DoubleZero, one of DBA's positions, closed a $28 million seed round in March led by Multicoin Capital and Dragonfly at a $400 million valuation.