Key Takeaways
- • DBA, a New York-based crypto venture firm founded by Michael Jordan (former Galaxy Digital co-head of investments) and Jon Charbonneau (ex-Delphi Digital), closed Fund II at $62 million, bringing total AUM to approximately $112 million across two 10-year closed-end vehicles.
- • Fund II follows the successful $50 million Fund I raised in 2023, demonstrating sustained institutional appetite for crypto-focused venture capital despite market volatility and macro uncertainty.
- • DBA's investment thesis targets early-stage blockchain infrastructure, DeFi protocols, decentralized exchanges (notably Hyperliquid), stablecoins, prediction markets, and Bitcoin scaling solutions across both private and public market opportunities.
- • Portfolio highlights from Fund I include positions in DoubleZero, Monad, Payy, MetaDAO, AlpenLabs, and a material stake in Hyperliquid's $HYPE token, reflecting a focus on differentiated early-stage infrastructure plays.
- • The fund's origins as the "Bear Market Homework Club"—a grassroots community research effort—underscore a narrative of organic institutional credibility-building within crypto venture circles, now scaling to nine-figure AUM.
Summary
DBA announced the closing of its second venture fund at $62 million on February 20, 2026, establishing itself as a meaningful player in the crypto venture capital ecosystem. The New York-based firm, founded by Michael Jordan and Jon Charbonneau, now manages approximately $112 million in total committed capital across two 10-year closed-end venture funds. This milestone follows the successful $50 million close of Fund I in 2023, signaling consistent LP confidence in the firm's investment framework despite cyclical market pressures inherent to digital asset markets.
The fund targets a disciplined early-stage investment strategy spanning private and public markets, with concentration in blockchain infrastructure, decentralized finance protocols, decentralized exchanges, internet-native financial products including stablecoins, and emerging market infrastructure such as prediction markets and Bitcoin scaling layers. Fund I's realized and deployed positions illustrate the thesis execution: the portfolio includes stakes in DoubleZero, Monad, Payy, MetaDAO, and AlpenLabs, alongside a material position in Hyperliquid, a leading decentralized perpetuals exchange, where DBA holds exposure to the $HYPE governance token.
The firm's leadership brings substantive institutional and research credentials to the space. Michael Jordan previously served as co-head of investments at Galaxy Digital, one of the largest publicly traded crypto asset managers, while Jon Charbonneau established his reputation as a prominent Ethereum researcher and commentator during his tenure at Delphi Digital. This pedigree provides LPs with demonstrated experience in capital allocation within early-stage crypto infrastructure.
Notably, DBA's origin story—beginning as an informal "Bear Market Homework Club" community research initiative—has evolved into a formally capitalized venture vehicle. This progression reflects a broader institutional maturation within crypto venture, where community-driven research and informal networks increasingly formalize into disciplined fund structures. The Fund II close underscores continued allocator appetite for specialized crypto VC vehicles that combine thesis-driven early-stage investing with long-duration capital commitments, even amid broader venture capital market conditions and cryptocurrency market volatility in early 2026.
The fund targets a disciplined early-stage investment strategy spanning private and public markets, with concentration in blockchain infrastructure, decentralized finance protocols, decentralized exchanges, internet-native financial products including stablecoins, and emerging market infrastructure such as prediction markets and Bitcoin scaling layers. Fund I's realized and deployed positions illustrate the thesis execution: the portfolio includes stakes in DoubleZero, Monad, Payy, MetaDAO, and AlpenLabs, alongside a material position in Hyperliquid, a leading decentralized perpetuals exchange, where DBA holds exposure to the $HYPE governance token.
The firm's leadership brings substantive institutional and research credentials to the space. Michael Jordan previously served as co-head of investments at Galaxy Digital, one of the largest publicly traded crypto asset managers, while Jon Charbonneau established his reputation as a prominent Ethereum researcher and commentator during his tenure at Delphi Digital. This pedigree provides LPs with demonstrated experience in capital allocation within early-stage crypto infrastructure.
Notably, DBA's origin story—beginning as an informal "Bear Market Homework Club" community research initiative—has evolved into a formally capitalized venture vehicle. This progression reflects a broader institutional maturation within crypto venture, where community-driven research and informal networks increasingly formalize into disciplined fund structures. The Fund II close underscores continued allocator appetite for specialized crypto VC vehicles that combine thesis-driven early-stage investing with long-duration capital commitments, even amid broader venture capital market conditions and cryptocurrency market volatility in early 2026.
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