Investment firm Dragonfly has acquired MetaStable Capital, a San Francisco-based crypto hedge fund.
Dragonfly announced the move, along with a rebrand, in a Medium post on Monday. Previously, the firm has backed crypto enterprises such as Near Foundation, DAI-issuer MakerDAO and crypto exchange ByBit.
“Metastable is one of the longest-running funds in crypto history, co-founded in 2014 by Naval Ravikant,” said the post. “[It] was an early investor into Ethereum, Avalanche, Cosmos, Starkware, NEAR, Zcash, Filecoin, Dfinity, and Algorand.”
The addition of the hedge fund comes a month after it announced its liquid crypto fund, named Dragonfly Liquid.
The terms of the deal were not disclosed in the Medium post. The Block reached out to Dragonfly but did not hear back at the time of publication.
The news comes as some investment firms draw back from previously committed acquisition efforts. Earlier today, investment firm Galaxy Digital pulled back from its acquisition of crypto custodian BitGo. Still, crypto M&A transactions are on pace for a record year, according to a recent The Block research report,
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Tom is fintech reporter at The Block. Before joining the team, he was an editorial intern at the FT-backed platform Sifted where he reported on neobanks, payment firms and blockchain startups. Tom has a bachelors degree in International Relations and Japanese from SOAS, University of London.