In a market landscape often characterized by ephemeral trends and speculative volatility, New York-based investment firm DBA (Doing Business As) has emerged as a disciplined, conviction-driven force. On Thursday, the firm officially announced the successful closing of its second venture fund, securing $68 million in capital. This milestone, which follows a $50 million inaugural fund launched in 2023, underscores a strategic shift toward long-term, concentrated capital deployment in the blockchain sector.
By focusing on base-layer infrastructure and capital formation, DBA is positioning itself not merely as a source of funding, but as an active participant in the technical evolution of decentralized finance (DeFi). The firm, led by industry veterans Michael Jordan and Jon Charbonneau, is doubling down on a thesis that digital asset infrastructure is finally approaching performance parity with traditional financial systems.
Main Facts: The Anatomy of the Fundraise
The $68 million raise for DBA’s second fund marks a significant expansion of the firm’s reach within the private and public digital asset markets. Operating with a 10-year closed-end horizon, the fund is designed to provide the "patient capital" required to nurture early-stage projects through the often-turbulent cycles of the blockchain industry.
Key Details of the Fund:
- Total Raised: $68 million.
- Fund Philosophy: "Doing Business As"—a commitment to acting as a hands-on partner rather than a passive investor.
- Investment Focus: Base-layer infrastructure, high-performance scalability platforms, and decentralized trading venues.
- Horizon: 10-year closed-end structure, allowing for long-term equity and token-based investments.
Unlike traditional venture firms that often spray-and-pray across hundreds of startups, DBA employs a high-conviction, concentrated strategy. They prefer to lead early-stage rounds, providing not just capital but the technical guidance and governance support necessary to scale foundational technologies.
Chronology: From Launch to Market Maturity
To understand the trajectory of DBA, one must look at the evolution of its leadership and its strategic timeline.
2023: The Foundation
The firm’s inaugural $50 million fund was launched during a period of intense skepticism in the crypto markets. Following the collapse of major industry players in 2022, the "crypto winter" forced many investors to retreat. DBA, however, saw an opportunity to capitalize on depressed valuations and a "flight to quality" among developers.
Late 2023 – Mid 2024: Portfolio Development
During this period, DBA began building a portfolio that prioritized performance and utility. Early investments included Monad, a high-performance EVM-compatible blockchain; DoubleZero; and Alpen Labs, which focuses on scaling the Bitcoin ecosystem. By selecting these specific technical verticals, DBA demonstrated an early understanding that the "next wave" of crypto adoption would be driven by throughput and UX, not just speculative tokenomics.
2025: The Closing of Fund II
The successful raise of $68 million serves as a validation of the firm’s thesis. Despite the broader macro-economic pressures facing venture capital, DBA was able to secure commitments from limited partners who are increasingly looking for specialized, "crypto-native" managers who possess deep technical fluency.
Supporting Data: Why Infrastructure is the Focus
The thesis behind DBA is rooted in the belief that the "plumbing" of the internet is being replaced by decentralized protocols. The firm points to the rise of decentralized exchanges (DEXs) like Hyperliquid as proof of concept.
Technical Parity
DBA posits that we are currently witnessing a "performance inflection point." Historically, decentralized applications were plagued by high latency, exorbitant transaction costs, and poor user interfaces. However, with the advent of Layer-2 scaling solutions and high-performance L1s, the gap between centralized financial infrastructure (CEXs, banking rails) and decentralized alternatives is narrowing rapidly.
The Portfolio Breakdown
- Monad & DoubleZero: Targeting the throughput bottleneck. These projects are designed to handle thousands of transactions per second, enabling high-frequency trading on-chain.
- MetaDAO: A focus on governance and prediction markets. DBA believes that effective decentralized decision-making is the "missing piece" for DAOs to operate as efficiently as traditional corporations.
- Payy: A stablecoin-focused application. This investment reflects the firm’s view that global payments will eventually bypass SWIFT and traditional banking rails in favor of programmable, blockchain-native assets.
- Alpen Labs: A play on Bitcoin’s untapped potential. By investing in Bitcoin L2 scaling, DBA is betting that the world’s largest cryptocurrency will evolve from a store of value into a functional settlement layer.
Official Responses and Strategic Vision
The leadership duo at the helm of DBA—Michael Jordan and Jon Charbonneau—brings a unique blend of institutional rigor and grassroots crypto-native research to the table.
Michael Jordan, formerly the co-head of investments at Galaxy Digital, provides the firm with a deep understanding of institutional-grade risk management and capital markets. Jon Charbonneau, widely recognized for his high-signal research and commentary on the Ethereum ecosystem during his tenure at Delphi Digital, provides the technical foresight necessary to evaluate complex protocols before they reach mass adoption.
In a statement following the announcement, the firm emphasized: "DEXs like Hyperliquid are becoming the best trading venue for assets of all kinds." This comment is not just a passing remark; it is a declaration of war against the legacy financial systems that have dominated global trade for decades. By backing the infrastructure that powers these DEXs, DBA is betting that liquidity will move away from custodial, opaque platforms toward transparent, self-custodied, and on-chain environments.
Implications: What This Means for the Industry
The success of DBA’s $68 million fundraise carries several implications for the broader venture capital landscape in 2025 and beyond.
1. The Death of the "Generalist" Crypto Fund
The era of the generalist crypto fund—which invested in everything from NFTs and gaming to DeFi and DePIN—is fading. Investors are increasingly looking for firms with specific technical expertise. DBA’s success demonstrates that institutional LPs (Limited Partners) are prioritizing "operator-investors" who can distinguish between hype-driven projects and those with actual technical moats.
2. A Shift Toward "Real-World" Utility
The investments in Payy and governance platforms suggest a pivot toward utility. The industry is moving away from the "casino phase" of 2021 and toward the "utility phase." If crypto is to survive in a regulatory-heavy environment, it must prove its worth as a payment layer and a settlement layer for global finance.
3. The Institutionalization of DeFi Infrastructure
By raising substantial funds, firms like DBA provide the "bridge" that allows institutional capital to enter the decentralized space. Because they understand the institutional requirements for compliance, security, and performance, they act as the necessary intermediaries for traditional capital to flow into the decentralized future.
4. Long-Term Commitment to the "10-Year Horizon"
The decision to utilize a 10-year closed-end fund structure is a bold rejection of the "get rich quick" mentality. It acknowledges that building a new financial system is a generational task. This long-term outlook provides project founders with the stability they need to focus on engineering rather than short-term price movements of their governance tokens.
Conclusion: The Road Ahead
As DBA embarks on the deployment of its second fund, the firm finds itself at a critical juncture. The market is currently witnessing a massive influx of interest in blockchain-based finance, but the technical challenges remain significant. Scaling issues, cross-chain interoperability, and the ever-present threat of regulatory intervention loom over the horizon.
However, the team behind DBA seems undeterred. By maintaining a laser focus on infrastructure—the "picks and shovels" of the new digital economy—the firm is positioning itself to be a primary beneficiary of the inevitable transition toward decentralized finance.
The success of the $68 million raise is a signal to the market: despite the noise, the smart money is betting on the technology, not just the trend. As the firm continues to invest in companies like Monad and Alpen Labs, the industry will be watching closely to see if their hands-on approach can truly catalyze the next generation of financial infrastructure. In the world of DBA, the philosophy is simple: don’t just talk about the future of finance—do business as the infrastructure that builds it.
