Cryptocurrency enterprise agency Dragonfly has acquired a digital asset-focused funding fund for an undisclosed quantity — a transfer that managing accomplice Haseeb Qureshi mentioned mirrors the broad consolidation pattern underway within the business.

Bloomberg reported Monday that Dragonfly bought MetaStable Capital, a hedge fund co-founded by Naval Ravkiant in 2014, for an undisclosed sum. In doing so, Dragonfly dropped the phrase “Capital” from its title and underwent a whole rebranding to mirror its rising mandate within the digital asset area.

Qureshi informed Bloomberg that his agency is “committing to our crypto-native roots” at a time when conventional funds are exiting digital belongings solely because of the bear market. Regardless of the downtrend, Dragonfly has deepened its publicity to the crypto sector by a collection of personal funding rounds. In April of this yr, Dragonfly closed a $650 million enterprise spherical to develop its crypto-focused portfolio. As Cointelegraph reported on the time, the increase noticed participation from corporations like Tiger International, Sequoia China, Invesco and KKR.

LidoDAO says no to promoting $14.5M in LDO tokens to Dragonfly Capital

Previous to being acquired, MetaStable described its technique as “long-term worth investing” within the cryptocurrency sector. As of July 31, the corporate had over $400 million in belongings beneath administration.

See the largest offers and extra VC knowledge from Q1, courtesy of @CointelegraphCS.

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Whereas the tempo of crypto enterprise financing has slowed in current months, 2022 has already been a file yr for capital raises. In accordance with Cointelegraph Analysis, crypto startups raised $14.67 billion within the second quarter, practically equivalent to the $14.66 billion raised within the first three months of the yr.