Investment firm Dragonfly buys crypto hedge fund MetaStable

MetaStable Capital is one of the longest-running crypto fund,s with more than $400m in assets under management

Crypto acquisition                                 
Financial terms of the transaction have not been disclosed by either party – Photo: Shutterstock

The crypto-focused investment firm Dragonfly Capital has acquired San Francisco-based MetaStable Capital in a move to accelerate its position as a global leading digital asset investment firm. 

MetaStable Capital was founded in 2014 and is currently one of the longest-running crypto hedge funds, with more than $400m in assets under management. The firm has investments in a multitude of crypto firms, such as Near Foundation, MakerDAO and the crypto exchange ByBit. 

MetaStable itself has received backing from a series of notable venture capital players including Sequoia Capital and Andreesen Horowitz’s a16z. It was also an early investor in Ethereum.

Dragonfly drops ‘Capital’ from name

In addition to the acquisition, Dragonfly confirmed that it will drop the “Capital” from its name in a bid to rebrand with the latest buy-out. 

Dragonfly’s managing partner, Haseeb Qureshi, said, “It’s hard to build the future when you look like the past.

“That’s why we’re changing the way Dragonfly looks and feels. We’re dropping the ‘Capital’ from our name, and our new look is more crypto-native. Dragonfly includes Dragonfly Ventures, Dragonfly Liquid, and now Metastable, the oldest crypto hedge fund.”

The move comes just a few months after Dragonfly closed its third venture fund of $650m to focus on backing innovative blockchain, crypto and Web 3.0 companies.

Qureshi said: “With its addition, Dragonfly is now more expansive than it’s ever been. And it’s time for a refresh.”

Financial terms of the acquisition have not been disclosed. 

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