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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ANECDOTE

Anchorage's Public Trust Journey

Anchorage aims for a public listing as part of building trust, being a federally chartered bank.
They prepare continuously to be ready for IPO optionality without rushing into it prematurely.

ADVICE

Beware Crypto Treasury Vehicle Risks

Avoid investing in public crypto treasury vehicles as they can trade below NAV and cause adverse effects.
These products suit short-term trading but are risky for long-term investors due to structural vulnerabilities.

INSIGHT

LPs Prefer Professional Venture Exposure

Venture LPs prefer professional management over exposure to crypto trades with high risk.
LPs want consistent, repeatable venture returns rather than speculative short-term trades.

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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.