BitDAO: The Investment DAO

BitDAO is a decentralized autonomous organization (DAO) launched in June 2021 by Bybit, a cryptocurrency exchange, with early support from investors like Peter Thiel, Alan Howard, Pantera Capital and Dragonfly Capital. A DAO can be thought of as an internet-native business that is collectively owned and managed by its members through smart contracts. It usually possesses built-in treasuries that no one has the authority to access without the approval of the group, with decisions governed by proposals and votes to ensure that everyone in the organization has a voice.

Of the different types of DAOs, BitDAO’s operations resemble that of an investment DAO, where the treasury’s assets are used to fund promising projects across different sectors in the blockchain ecosystem. Although its current investments are focused on Ethereum-based applications, BitDAO maintains that it is chain- and project-agnostic, with a focus on funding and maintaining entire ecosystems rather than pinpointing specific categories of investments.