Dragonfly Unveils Rebranding Following MetaStable Capital Acquisition
- Dragonfly Capital has dropped ‘Capital’ from its name and has undergone rebranding after acquiring MetaStable Capital, a crypto hedge fund.
- MetaStable Capital is one of the oldest crypto hedge funds and has been operating since 2014. It is an early investors in Ethereum, Algorand and other major projects.
Renowned cross-border crypto-asset investment firm Dragonfly (previously Dragonfly Capital) has recently announced that it has acquired the San Francisco-based crypto hedge fund MetaStable Capital.
In a Monday’s Medium post, the company announced the new acquisition along with a rebrand.
“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,”Dragonfly stated.
The company is dropping the “Capital” from its name to be called “Dragonfly” instead of “Dragonfly Capital” to look more crypto-native. Moreover, the new look would now have “less Patagonia, more ASCII; less stock photo, more glitch art.”
Dragonfly, which claims to be an acquirer and developer of standout e-commerce businesses, has backed several crypto companies, including DAI-issuer MakerDAO, crypto exchange platform Bybit, and Switzerland-based Near Foundation.
MetaStable, one of the longest-running funds in crypto history, is the oldest crypto hedge fund that Dragonfly has recently acquired. Co-founded in 2014 by an early crypto investor Naval Ravikant, Dragonfly is now more valued than it has ever been.
Though neither of the two companies disclosed the terms of the new deal, Dragonfly has a range of plans for its continuous expansion in the crypto industry. It has a proven track record and has made investments in some of the most significant cryptocurrency projects, such as Avalanche, 1inch, Compound, dYdX, and Matter Labs.
The acquisition news comes a month after Dragonfly announced its inaugural liquid crypto fund called Dragonfly Liquid. The June-launched crypto liquid fund secured more than $450 million, including internal capital and SPVs, as of April 2022, according to the company. Ashwin Ramachandran, one of the managers of the fund, outlined one of the company’s goals at the time by stating:
“Dragonfly has always differentiated itself by its global approach to investing. We aim to capture venture-like returns in a liquid vehicle by building a highly concentrated portfolio and then actively partnering with founders, engaging the community, participating in governance, and providing utility on-chain.”
While investment firms like Dragonfly are continuously diversifying their position in the crypto space, many have drawn back from their previously committed acquisition efforts. Earlier on Monday, renowned investment firm Galaxy Digital pulled back its acquisition of crypto custodian BitGo, which had been announced in May last year.