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Crypto VC Firm Dragonfly Raises $650 Million Despite 'Gloom of a Bear Market'
Dragonfly Capital raised $650 million to invest in early-stage blockchain and crypto financial-use-case companies during a market downturn, aiming for top-performing fund vintages, Managing Partner said.
- This year, Dragonfly Capital completed a $650 million fourth fund, closing one of the largest raises as many blockchain-focused VCs struggled amid token price slumps.
- Dragonfly’s track record reflects raising during downturns, including the 2018 ICO crash and before Terra Luna’s collapse, despite a founder breakup and DOJ scare, under leaders like Haseeb Qureshi and Bo Feng.
- Dragonfly’s track record includes prescient bets by its third fund on Polymarket, Rain, and Ethena, plus early backing of Avalanche, Amber Group, and Tornado Cash.
- The $650 million new fund positions Dragonfly to help shape the next blockchain era, with the firm’s leader calling it its biggest bet yet on crypto’s financial use cases.
- Amid bearish sentiment at Consensus Hong Kong 2026, Bitcoin has lost roughly 46% since October last year, wiping out over $1.4 trillion in market cap, as industry shifts to a financial era of blockchains.
14 Articles
14 Articles
Dragonfly Secures $650M Fund IV as Bear Market Pressure Deepens
Dragonfly Capital announced that it had closed its fourth venture fund, called Dragonfly Fund IV, at $650 million. The fund was announced at a time when the crypto market was experiencing low sentiment, fear, and bear market pressure. Haseeb Qureshi, the managing partner at Dragonfly Capital, said that it was a difficult time for investors. The new fund is similar in size to the $650 million Fund III that was raised in May 2022. The new fund wa…
Dragonfly Capital Locks In $650M Commitment While Venture Funding Slows
Dragonfly Capital closed its Fund IV at $650 million, exceeding the initial $500 million target and maintaining the confidence of its limited partners. The capital adds to the 2022 Fund III, which also raised $650 million and was already deployable for investments in DeFi, crypto gaming, and Web3 infrastructure. The fund includes institutional investors such as Tiger Global, KKR, Sequoia China, and Invesco, providing long-term capital and backin…
Dragonfly Capital Raises $650M Fourth Fund to Lead Crypto's Shift Toward Financial Infrastructure
TLDR: Dragonfly Capital closed its fourth fund at $650M, competing directly with Andreessen Horowitz and Paradigm. The firm led Ethena’s $6M seed round in 2023; the stablecoin now holds a $6.3B market capitalization. Dragonfly’s strategy targets stablecoins, onchain finance, and tokenized assets over native crypto protocols. Partner Haseeb Qureshi says speaking openly in a hype-driven space has been the firm’s greatest superpower. Dragonfly C…
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