DBA Closes Second Fund at $118M 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 also disclosed that its co-founders and one or more of its funds hold a material position in the HYPE token.

DBA's portfolio reflects a concentrated bet on base-layer infrastructure, Bitcoin scaling, and decentralized exchange infrastructure - areas that have attracted significant capital over the past 12 months.

The firm initially targeted $500 million for its first fund in 2022 before dramatically scaling back amid the broader market downturn. Its two closed funds now total $118 million in committed capital.