Venture capital firm Dragonfly has acquired one of the oldest crypto mutual funds and hedge fund service MetaStable Capital for an undisclosed amount.
According to Bloomberg, MetaStable, launched in 2014, had total assets under management of over $400 million as of July 31.
Dragonfly Acquires MetaStable Capital
Dragonfly Managing Partner Haseeb Qureshi told Bloomberg that the bear market has caused many funds to exit the crypto market. Despite this, he added that Dragonfly is determined to dig deeper into the crypto market and continue its services.
According to Bloomberg’s report, Dragonfly removed the word “Capital” from its name and switched to a new logo. These innovations, which change the company’s appearance and direction, are part of the acquisition agreement. Founded in 2018, Dragonfly Capital’s investment portfolio included smart contracts platform Avalanche, Layer-1 blockchain platform Near Protocol, DAI token creator MakerDAO, and zkSync creator Matter Labs, among other investment manager platforms. Last April, Dragonfly raised a total of $650 million in its investment round for its third crypto fund.
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