DBA

What DBA does

DBA is a New York-based, research-driven crypto investment firm founded in 2023 by Michael Jordan and Jon Charbonneau. The firm manages two 10-year closed-end venture funds — Fund I ($50M raised in 2023) and Fund II ($62M raised in February 2026) — that deploy capital across early-stage, private, and public crypto markets, with stated focus areas spanning decentralized exchanges, stablecoins, ICO platforms, scaling solutions, and protocol-level infrastructure (notably Bitcoin L2s via Alpen Labs/Strata, privacy stablecoins via Payy, and Hyperliquid perpetuals).

The firm is partner-led, with Jordan (formerly Co-Head of Investments at Galaxy Digital, 2017-2022) and Charbonneau (formerly lead L1/L2/MEV researcher at Delphi Digital, ex-structured credit banker at Deutsche Bank) personally sourcing, diligencing, and supporting every investment. DBA differentiates on deep domain research, published as long-form essays on its website and amplified via the Uncommon Core 2.0 podcast co-hosted by Charbonneau. Notable portfolio activity includes leading or co-investing in rounds such as Payy's $6M seed (alongside FirstMark Capital and Robot Ventures) and publishing an explicit Bitcoin L2 thesis backing Alpen Labs/Strata.

DBA's revenue model is traditional venture fund management: management fees on committed capital across the two closed-end vehicles, with optional upside via carried interest on portfolio exits. The firm does not sell products or services to end customers, and customer concentration is effectively dual-layered — concentrated LPs in the funds and a concentrated portfolio of crypto-native founders. The structural ceiling on growth is the deliberate small-partner model, where the partners themselves are the product and the limiting factor on fund size and deal volume.

Name

DBA

Legal name

DBA

Website

https://dba.xyz

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

DBA is a New York-based, partner-led crypto venture firm managing two closed-end funds (Fund I $50M in 2023, Fund II $62M in Feb 2026) that invest across early-stage and public crypto markets, founded by Michael Jordan and Jon Charbonneau.

Ownership category

akta.pro rank

Product category

Crypto Venture Capital

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199)

akta.pro primary industry

Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD)

Keywords

• Crypto venture capital
• Blockchain investment funds
• Early-stage crypto investing
• Closed-end crypto funds
• Digital asset fund management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Venture Capital Fund Management: DBA generates revenue through managing closed-end venture capital funds that invest in crypto/blockchain companies. Fund I was $50M raised in 2023. Fund II was $62M raised in February 2026. The firm invests across early-stage projects, public markets, and private ventures.

Go-to-market motion1 record

Marketing channels3 records

Core offering

DBA is a New York-based, research-driven crypto investment firm that manages closed-end venture capital funds investing in blockchain infrastructure and applications across private and public markets. Fund I ($50M, 2023) and Fund II ($62M, February 2026) are 10-year vehicles led by Co-Founders & General Partners Michael Jordan and Jon Charbonneau, with deal activity spanning decentralized exchanges, stablecoins, Bitcoin L2s, ICO platforms, and scaling solutions such as Alpen Labs/Strata and Payy.

Product overview

DBA is a research-driven investment firm offering two venture capital funds for the crypto and blockchain ecosystem. Fund I ($50M, 2023) and Fund II ($62M, February 2026) are 10-year closed-end funds investing across early-stage projects, public markets, and private ventures in areas including decentralized exchanges, stablecoins, ICO platforms, and network scaling solutions. The firm is partner-led by Michael Jordan and Jon Charbonneau, who conduct research and provide direct support to portfolio companies throughout the investment lifecycle.

Differentiator

Problem solved

Functional benefit

Products and services

• DBA Fund I A $50 million, 10-year closed-end venture capital fund raised in 2023 that invests across private and public crypto markets in blockchain infrastructure and applications, including decentralized exchanges, stablecoins, ICO platforms, and scaling solutions such as Alpen Labs/Strata and Payy. Available to qualified limited partners.
• DBA Fund II A $62 million, 10-year closed-end venture capital fund closed in February 2026 that continues DBA's strategy of leading early-stage investments in crypto and blockchain infrastructure and applications across private and public markets. Available to qualified limited partners.

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Pantera Capital: Largest crypto-focused investment firm, running venture, liquid token, and early-stage funds. Direct competitor for both LP capital and founders building in the same crypto infrastructure categories as DBA.
• Variant Fund: Crypto-native fund focused on ownership economies and crypto infrastructure with a strong research arm. Comparable to DBA in research-led positioning and infrastructure/applications focus.
• Polychain Capital: Early crypto-native fund manager investing across both private and public crypto markets with a research-driven approach. Closely comparable to DBA in mandate, structure, and sector focus.
• Dragonfly Capital: Global crypto-native venture fund investing across infrastructure and applications in both private and public markets. Direct competitor for top crypto founders and LP allocations.
• Paradigm: One of the largest and most research-driven crypto-native venture firms, investing across crypto infrastructure and applications. Highly comparable to DBA in thesis-driven approach and infrastructure focus, though at materially larger scale.
• 1confirmation: Early-stage crypto-native venture fund with a thesis-driven, research-led approach to backing crypto infrastructure and applications, highly comparable to DBA's mandate.
• Delphi Digital: Research-led crypto investment and advisory firm where Jon Charbonneau previously led L1/L2/MEV research. Directly comparable in research-driven approach and the founders' institutional crypto pedigree.
• Multicoin Capital: Thesis-driven crypto fund investing across public and private markets, with a strong L1/L2 and DeFi focus that closely mirrors DBA's published research areas.

Broad incumbents

• Galaxy Digital Ventures: Michael Jordan's prior employer and a broad crypto financial services and venture platform. Comparable as an institutional crypto investor and former employer of one of DBA's founding partners.
• Coinbase Ventures: Exchange-affiliated crypto venture arm investing broadly across crypto infrastructure and applications. Overlaps with DBA's infrastructure thesis but at much larger scale and as part of a broader Coinbase ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/dba_crypto

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments15 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DBA