Crypto venture capital firm Dragonfly Capital has closed its fourth fund at $650M, raising capital despite a broader downturn in crypto markets and a slowdown in venture deal activity.
The new fund follows Dragonfly’s previous $500M vehicle, which backed projects including Polymarket, Rain, and Ethena. Co-founder Haseeb Qureshi said the firm’s willingness to speak openly and focus on fundamentals has helped it navigate multiple market disruptions, including the Terra collapse and the FTX bankruptcy.
Dragonfly has invested across Layer 1 blockchains, crypto financial services, and infrastructure projects. The firm has also faced regulatory scrutiny linked to its 2020 investment in Tornado Cash, with the U.S. Department of Justice considering potential charges.
Dragonfly has stated it has fully cooperated with the investigation and is prepared to defend itself if needed.
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