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DBA is a New York-based crypto investment firm founded to provide long-term capital to protocols and companies across all stages of maturity in the cryptocurrency sector. Established by co-founders Michael Jordan and Jon Charbonneau, DBA operates with a partner-led structure, ensuring that all investments are directly managed by its partners. The firm emphasizes taking concentrated views on the future of crypto, aiming to be domain experts who work closely with their portfolio companies.
As of 2026, DBA has launched its second fund, DBA Fund II, which has a size of $62 million, following the success of its first fund, which raised $50 million. The firm focuses on significant ideas that they believe will shape the future of crypto, including infrastructure, stablecoins, decentralized exchanges, and capital formation platforms. DBA's commitment to the cryptocurrency sector is evident in its investment strategy, which spans various stages from Friends & Family to Pre-IPO and beyond.
DBA's global reach allows it to target opportunities in North America and other key markets, making it a versatile player in the crypto investment landscape. The firm’s approach is characterized by a long-term perspective, aiming to support its portfolio companies through various stages of growth.
DBA invests exclusively in the cryptocurrency sector, providing capital to various protocols and companies regardless of their stage of maturity. The firm focuses on ideas that they believe are significant for the future of crypto, including infrastructure, stablecoins, decentralized exchanges, and capital formation platforms. Their investment strategy is characterized by a partner-led structure, ensuring that all investments are directly managed by their partners, who are deeply involved in the decision-making process.
DBA's investment stages range from Friends & Family to Series F and beyond, allowing them to engage with startups at various points in their development. The firm emphasizes concentrated, high-conviction investments rather than index-style exposure, which aligns with their belief that the future of finance should be funded by domain-expert investors. This approach enables DBA to focus on infrastructure-heavy crypto investments that are expected to drive significant growth in the sector.
Geographically, DBA operates globally, with a strong emphasis on North America. The firm seeks to identify and support significant ideas that will shape the future of finance, particularly in the realms of decentralized finance (DeFi) and blockchain technology.
DBA's portfolio includes a range of companies that are pivotal in the cryptocurrency sector. Notable investments include:
These companies reflect DBA's focus on supporting core financial and protocol rails within the cryptocurrency space. The firm’s investments are strategically aligned with its thesis of backing significant ideas that will shape the future of finance.
Michael Jordan — Co-Founder & General Partner. Michael previously served as Co-Head of Investments at Galaxy Digital, where he led investments in notable companies such as Fireblocks and Tagomi/Coinbase Institutional. His expertise lies in identifying high-potential opportunities within the cryptocurrency sector.
Jon Charbonneau — Co-Founder & General Partner. Jon is a crypto researcher and co-host of the podcast Uncommon Core 2.0. He has previously led research on Layer 1, Layer 2, and MEV at Delphi Digital and has experience in structured credit from his time at Deutsche Bank. His background equips him with a deep understanding of the technical aspects of cryptocurrency.
To pitch DBA, founders should visit their pitch URL at dba.xyz/dbafundii. While specific details about the preferred channel or pitch email are not disclosed, the firm operates on a rolling application cycle. Founders are encouraged to provide a clear and concise overview of their project, including its alignment with DBA's investment focus on significant ideas in the cryptocurrency sector.
DBA does not publish a formal pitch deck template or application form, so founders should ensure their presentation effectively communicates their vision, market opportunity, and team capabilities. Response times are not specified, so founders should be prepared for varying timelines.
On February 19, 2026, DBA announced the launch of DBA Fund II, which has a size of $62 million. This new fund reflects the firm's ongoing commitment to expanding its investment capabilities in the cryptocurrency space. The announcement highlights DBA's focus on providing long-term capital to protocols and companies across all stages of maturity.
In addition to the fund launch, DBA has been actively engaging with the cryptocurrency community through their writing and research initiatives. Their focus on significant ideas for the future of finance continues to position them as a key player in the crypto investment landscape.
What are DBA's investment criteria?
DBA invests in the cryptocurrency sector across all stages of maturity, focusing on significant ideas such as infrastructure, stablecoins, and decentralized exchanges. They prefer concentrated, high-conviction investments rather than index-style exposure.
How can I pitch DBA?
Founders can pitch DBA through their website at dba.xyz/dbafundii. While the specific pitch email is not disclosed, the firm operates on a rolling application cycle.
What makes DBA different from other investors?
DBA emphasizes a partner-led investment approach, meaning the partners who meet the founders are the ones making decisions and providing long-term support. This structure allows for deeper engagement and expertise in the cryptocurrency sector.
What is DBA's geographic focus?
DBA operates globally, with a strong emphasis on North America. They seek to identify and support significant ideas in the cryptocurrency space across various markets.
What is the fund size of DBA?
DBA Fund II has a size of $62 million, while the first fund raised $50 million. This capital allows them to invest across various stages and sectors within the cryptocurrency landscape.
What is DBA's post-investment involvement like?
DBA provides long-term capital and domain expertise to its portfolio companies, emphasizing partner-led investing where the partners who meet the founders are actively involved in supporting the companies over a long horizon.
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