Crypto Venture Capital Firm Dragonfly Buys Hedge Fund MetaStable Capital

Venture capital firm Dragonfly has acquired MetaStable Capital, one of the oldest crypto investment funds, for an undisclosed amount, Dragonfly said in a post on Medium.

• MetaStable, which was started in 2014 and once counted Dragonfly Managing Partner Haseeb Qureshi among its general partners, had over $400 million in assets under management as of July 31, according to Bloomberg, which initially reported on the acquisition.

• MetaStable was an early investor in Ethereum, blockchain network Cosmos and blockchain scalability company StarkWare, to name a few.

• Dragonfly has also dropped the “Capital” from its name and has adopted a new logo as part of a rebrand to lean into its crypto focus.

• "It’s hard to build the future when you look like the past," wrote Qureshi in the Medium post. "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, inspired by the hackers and weirdos (we say with love!) who have built this industry from the ground up."

• Founded in 2018, Dragonfly's investment portfolio includes smart contracts platform Avalanche, layer 1 blockchain platform Near Protocol, DAI token creator MakerDAO and zkSync creator Matter Labs, among others.

• In April, Dragonfly raised $650 million for its third crypto fund.

Read more: Dragonfly Capital Leads $7.5M Round for Quadrata’s Identity Passport

UPDATE (17:30 UTC): Updated with information from Dragonfly's Medium post, removed "Report" from headline.