According to a Securities and Exchange Commission (SEC) filing, former executives from crypto firms Galaxy Digital and Genesis are raising $500 million for a new crypto fund called DBA Crypto.
The general partners listed in DBA Crypto Fund I LP are Michael Jordan, co-head of investments at digital asset investment firm Galaxy Digital, Joshua Lim-Genesis’s head of derivatives and Roshun Patel-Genesis’s former vice president.
Shane Barratt, the CEO and founder of Convex Trading is also listed as a managing member and investment partner for the fund.
This fund might come as a lifeline for Galaxy Digital and Genesis after heavy losses were recorded in recent months.
Galaxy Digital reported $554 million in losses in the second quarter due to the unrealized losses on digital assets and on investments in its trading and principal investments businesses. Apart from the losses, the firm also terminated its high profile acquisition of crypto custodian BitGo.
It also filed a claim against Three Arrows Capital (3AC) for $1.2 billion.
Riding in the same boat is Genesis Trading, who had a $2.36 billion exposure to 3AC. The firm later filed a $1.2 billion claim against Su Zhu’s hedge fund during liquidation proceedings.Â
Genesis CEO Michael Moro stepped down shortly after filing the claim against 3AC.
