How Venture Is Navigating Crypto IPOs Featuring Rob Hadick & Diogo Mónica

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Jun 11, 2025

Guest

Rob Hadick

Guest

Diogo Mónica

Diogo Mónica, a partner at Haun Ventures and co-founder of Anchorage, and Rob Hadick, a partner at Dragonfly known for his stablecoin investments, dive into the shifting landscape of crypto venture capital. They discuss the transition from speculative meme coins to serious investments, the challenges of crypto IPOs, and how companies like Circle are navigating this space. With insights on trading strategies and the evolving role of stablecoins, the conversation highlights opportunities and risks in the crypto market for both investors and emerging businesses.

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INSIGHT

From Meme Coins to Real Crypto Biz

Crypto speculative meme coin energy could shift to real crypto companies building true businesses.
On-chain trading of low market cap crypto companies could replace meme coin speculation productively.

INSIGHT

Crypto Venture Fundraising Reset

Venture fundraising in crypto has split between large funds raising big amounts and smaller funds struggling.
The market is resetting to a more sustainable capital allocation like traditional venture capital.

INSIGHT

Crypto Public and Private Market Dynamics

Recent big IPOs like Circle show public markets want crypto businesses though liquidity risk remains a concern.
Private markets also prosper with acquisitions and markups, maintaining strong valuation signals beyond public investing.

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This week, Jason and Santi are joined by Rob Hadick (Dragonfly), and Diogo Monica (Anchorage/Haun Ventures) to dive into the evolving crypto venture landscape. -- Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts--

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Chapters:

(00:00) Intro

(02:50) Current State of Venture

(11:29) Ads (Skale Marinade)

(13:07) Crypto Company IPOs

(26:15) Crypto Treasury Companies

(36:06) Ads (Skale Marinade)

(37:44) How Does Hyperliquid’s Success Impact Venture?

(41:27) Exploring PumpDotFun’s Raise

(48:05) Ads (Falcon x, Aptos, LEDN)

(50:36) Crypto’s Most Exciting Opportunities Today

(01:01:42) X & Polymarket Join Force

(01:04:42) Ripple’s Strategy

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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.