Crypto Venture Company Dragonfly Acquires Hedge Fund, Rebrands

Digital-asset venture capital firm Dragonfly said it acquired MetaStable Capital, one of the oldest investment funds in cryptocurrencies, and completed a rebranding.

The acquisition comes as the digital-asset industry consolidates, said Haseeb Qureshi, managing partner at Dragonfly. Terms of the deal weren’t disclosed. Dragonfly added the firm has dropped “Capital” in its name under a new logo.

“The bear market has caused a lot of traditional funds and crossover funds to exit the crypto market,” Qureshi, a former partner at MetaStable, said in a Telegram message. “We’re the opposite: we’re going deeper, and committing to our crypto-native roots.” ...