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Digital-asset venture capital firm Dragonfly has acquired MetaStable Capital.
Why it's the BFD: The digital asset sector and crypto broadly are in consolidation mode, and this another example.
From Bloomberg: "MetaStable, co-founded by Naval Ravikant in 2014, had over $400 million of assets under management as of July 31. The fund was an early investor in many well-known digital-asset projects such as the Ethereum blockchain. It was backed by venture capital firms including Andreessen Horowitz, Sequoia, Union Square Ventures and Founders Fund."
- Dragonfly has more than $3 billion of AUM, according to filings, Bloomberg says.