The Takeover Of Metastable Capital By Dragonfly

The takeover of Metastable Capital by Dragonfly (formerly Dragonfly Capita) has been revealed. As of the time of writing the sum paid by Dragonfly for the purchase is unknown.

According to a blog post on August 15, 2022, Dragonfly has also changed its logo and removed the word “Capital” from its name as part of its rebranding strategy.

The Takeover Of Metastable Capital By Dragonfly

A pioneering digital currency hedge fund that overcame the industry’s challenges throughout the years, Metastable Capital, has been acquired by Dragonfly, a major crypto and blockchain venture capital firm launched in 2018.

One of the first hedge funds in the cryptocurrency space, Metastable Capital was co-founded in 2014 by Naval Ravikant. The company is said to have backed a number of well-known blockchain projects, including Ethereum (ETH), Avalanche (AVAX), Cosmos (ATOM), Starkware, Zcash (ZEC), Algorand (ALGO), and a number of others.

Metastable managed $400 million in assets as of July 31, 2022. With the successful purchase of Metastable, Dragonfly has now increased the number of ecosystem products it offers, including Dragonfly Ventures and Dragonfly Liquid, a liquid cryptocurrency fund with approximately $450 million in funding as of April 2022.

In addition to its most recent acquisition of Metastable, Dragonfly also finished its rebranding process by updating its appearance and feel in addition to other changes.

“It’s hard to build the future when you look like the past. 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 [whitehat] hackers and weirdos (we say with love!) who have built this industry from the ground up,” the team declared.

Despite The Crypto Winter, Acquisitions Continue

Acquisition deals and multimillion-dollar fundraisers have continued in the cryptocurrency space despite the devastating effects of the COVID-19 pandemic and the ongoing Russia-Ukraine war on the global economy, with experts predicting a gloomy and more uncertain future for the traditional finance ecosystem.

Earlier in April 2022, Dragonfly finished a $650 million venture fund deal. Invesco, Top Tier Capital, Tiger Global, Ivy League endowments, and Sequoia China are a few of the companies that took part in the oversubscribed fundraising event.

There have been other notable acquisitions during the crypto winter.

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