Dragonfly buys one of the oldest crypto hedge funds

Dragonfly has acquired the cryptocurrency hedge fund MetaStable Capital and carried out a rebranding.

Introducing the new face of Dragonfly: https://t.co/APaXxUtLmv

gm, everyone. gm.

— Dragonfly ᐳ｜ᐸ (@dragonfly_xyz) August 15, 2022

The deal value was not disclosed. Dragonfly managing partner Hasib Kureshi, in comments to Bloomberg, said the purchase was driven by the firm’s desire to ‘dive even deeper into the digital assets industry’.

“Metastable is one of the oldest funds in the history of cryptocurrencies, co-founded in 2014 by Naval Ravikant. He was among the first investors in Ethereum, Avalanche, Cosmos, StarkWare, NEAR, Zcash, Filecoin, Dfinity and Algorand,” the statement said.

Against this backdrop, Dragonfly carried out a rebranding: removing the word ‘Capital’ from its name and refreshing its logo. The company also moved the website to a new domain.

Previously, Dragonfly invested in projects such as Debt DAO, Hashflow, MakerDAO, 1inch and others.

In March 2021, the company launched a $225 million fund with Sequoia China for investments in NFT and DeFi.

Earlier in spring 2022, Dragonfly opened a new venture structure with $650 million in capital focused on Web3.

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