MetaStable Capital

Naval RavikantNaval RavikantNaval Ravikant is an entrepreneur and angel investor and a co-founder of AngelList. Early on he co-founded the review site Epinions; he and Babak Nivi later grew AngelList out of the startup-fundraising blog Venture Hacks, and he co-founded the cryptocurrency hedge fund MetaStable Capital and Spearhead, which backs founders to make angel investments. His views on startups and life were compiled into the book The Almanack of Naval Ravikant.Open the full entry, Lucas Ryan and Josh Seims co-founded MetaStable in autumn 2014. Forbes later described its approach as buying and holding for the long term; Ravikant was also running AngelListAngelListAngelList is a startup investment platform company based in San Francisco, United States. Founded in 2010 by Naval Ravikant and Babak Nivi, it began as a mailing list recommending startups to angel investors, went on to launch online fundraising, Syndicates (co-investing), rolling funds, and other products, and later shifted into a fund administration and back-office services platform for venture capital funds and private markets.Open the full entry.⁠[2]

Sequoia and a16z invested.⁠[3]

Fortune reported assets of $69 million.⁠[4]

Oasis Labs named MetaStable among its supporters in its launch introduction. Led by Dawn Song, the project sought to combine privacy protection with blockchain computing. The post did not disclose MetaStable’s individual investment. Its text was dated July 9 and published on Medium on August 7.⁠[5]

The Block reported, citing an external email, that general partners Haseeb Qureshi and Ivan Bogatyy had left MetaStable and that deal flow had declined. The report concerned team and market changes, not a liquidation of the fund.⁠[6]

Iron Fish disclosed $5.3 million raised to date from investors including MetaStable, represented by Naval Ravikant and Lucas Ryan. Founder Elena Nadolinski introduced its privacy-focused cryptocurrency and public testnet. The figure covered the combined financing, not MetaStable’s individual contribution.⁠[7]

Iron Fish announced a $27.7 million Series A led by a16z, with MetaStable, Sequoia, Electric Capital and others participating. Its announcement set out plans for broader private transactions and an incentivized testnet.⁠[8]

Dragonfly managing partner Haseeb Qureshi announced that the firm had recently acquired MetaStable, presenting it alongside Dragonfly Ventures and Dragonfly Liquid. Terms were not disclosed, and the announcement date does not establish the precise legal closing date.⁠[1][9]

Dragonfly also listed Zcash, Filecoin, Dfinity and Algorand among MetaStable’s early investments. That historical list does not establish current holdings. Portfolio-company round totals are also distinct from the fund’s own contribution: Iron Fish named participants without assigning individual amounts.⁠[1][8]

MetaStable’s historical official domain now redirects to Dragonfly, whose website states that it moved from dragonfly.xyz to dragonfly.com. The acquisition and current destination are verifiable; the redirect alone does not establish that MetaStable remains open to subscriptions as a standalone product.⁠[10][11][1]

MetaStable Capital historical domain: Official website: https://metastablecapital.com/ (opens in a new window).⁠[10]

Dragonfly: Official website: https://dragonfly.com/ (opens in a new window).⁠[11]