Mirana Ventures was founded in 2021 as a global investment fund providing long-term capital and strategic partnerships to visionary founders and fund managers in the Blockchain and Web3 space . Based in Hong Kong with offices in Singapore and Shanghai , the firm has emerged as one of Asia's most active crypto investors. Mirana's anchor capital providers are the co-founders of Bybit , the cryptocurrency exchange. The firm invests from $1M to $40M in deals ranging from pre-seed through Series C. The fund acts as the Operating Fund Partner for the Mantle Eco Fund , which supports ecosystem growth for the Mantle network. Public information about total AUM is limited, though the firm has $100 million committed to the Mantle Ecosystem Fund .
The firm's business partnerships with Bybit, Mantle, and a broad network of portfolio companies give portfolio founders access to exchange listings, liquidity, and Asian market connections. Mirana focuses on opportunities that advance blockchain infrastructure, privacy-enhancing technologies, and applications at the intersection of AI and decentralized systems . The team publishes research that examines macro-level trends in Web3, DeFi, and tokenomics. Their geographic focus is global, with a particular emphasis on the Asian market .
Notable Investments
Mirana has backed some of the most visible infrastructure and DeFi projects in crypto. Portfolio successes include Alpen Labs, Ethena and Morpho , with Ethena's ENA token generating significant returns before market volatility. The firm invested in Animoca Brands (digital entertainment and blockchain gaming), Babylon (Bitcoin staking protocol), EigenLayer (Ethereum restaking protocol), and Ethena (synthetic dollar protocol) . Other holdings include Ingonyama (blockchain hardware acceleration) and Kaito (AI-powered information network) . Recent investments span Rhythmic, Mesh, and Obita in financial services and cross-border payments. According to multiple sources, Mirana has completed 19 new investments in the last 12 months .
The firm's latest portfolio exit was SolanaFM on September 20, 2024 . In mid-2025, blockchain analytics tracked a Mirana-associated wallet depositing 71.27 million ENA to Binance, worth approximately $21.45 million , suggesting profit-taking or rebalancing after Ethena's strong performance. This represents one of the fund's notable wins, though the firm has maintained a relatively low exit count overall.
Team
David Toh serves as Managing Partner of Mirana Ventures, where he has been instrumental in guiding fund deployment, operational strategies, and team development since its inception . Toh brings experience across technology, telecom, AI, and blockchain investment . Mavis Xu assumed the role of Partner in January 2024, overseeing the fund's direct venture investments after managing a $1.7 billion portfolio at Liberty City Ventures focused on financial infrastructure and AI-driven enterprises. Partner Sohan Sen focuses on derivatives and structured products, drawing on prior leadership roles at Paradigm (Paradex) and earlier positions at Morgan Stanley and Goldman Sachs .
Additional team members include Venture Partner Arun Devabhaktuni, who brings expertise in blockchain technology and decentralized finance , Venture Partner Jonathan Allen, Partner Alex Liu, Principal Isaac Choo, and associates Alina Chua and Zoey Zhou . The team combines traditional finance backgrounds with deep crypto-native expertise.
Recent Activity
Mirana's latest investment was in Inversion Capital as part of their Seed VC on September 8, 2025 . The firm participated in DigiFT's $11 million strategic round led by SBI Group in August 2025, and Subzero Labs' $20 million round led by Pantera Capital in August 2025 . Recent activity includes investments in Obita (stablecoin-powered cross-border payments) and DigiFT (tokenized securities) in late summer 2025. The firm co-authored a report on Hyperliquid that built thought leadership in the perpetuals DEX space . Mirana has actively engaged in the Web3 ecosystem, focusing on strategic partnerships and establishing themselves as the Operating Fund Partner for the Mantle Eco Fund .
Mirana's positioning as an Asia-focused Web3 investor with Bybit backing gives it distribution advantages that pure-play VCs lack. The firm's retail ROI of 1.32x (as tracked by CoinMagnetic) reflects moderate performance in challenging 2022-2023 market conditions, with winners like Ethena offset by broader portfolio volatility. The team's emphasis on infrastructure over retail applications suggests a long-term bet on protocols that will underpin the next cycle. With 18 lead investments and nearly 50 portfolio companies, Mirana has established itself as a go-to partner for founders seeking Asian exchange connections and institutional crypto expertise. The fund's active 2025 deployment pace and research output signal continued commitment despite market uncertainty.
