DBA Closes Second Venture Fund with $68M, Boosts Crypto Infrastructure Bets

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, according to a governance proposal submitted by DBA. This disclosure is relevant given that DBA is simultaneously advocating for a supply change on the Hyperliquid network that could affect token value.

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.