Dragonfly raises its fourth fund…$650 million secured

JOON HYOUNG LEE

Summary

U.S. crypto VC Dragonfly said it has raised its fourth fund totaling $650 million.
The firm had initially targeted $500 million, but said it secured an additional $150 million, successfully raising capital despite the bear market.
Dragonfly said it will focus investment on 'financial crypto' areas such as stablecoins, and projected expansion into agent payments, on-chain privacy, and asset tokenization.

U.S. crypto venture capital (VC) firm Dragonfly has raised a new fund totaling $650 million.

Haseeb Qureshi, managing partner at Dragonfly, said on X on the 17th (local time), “We closed Dragonfly’s fourth fund at $650 million.”

Dragonfly began work on the fourth fund in September last year. At the time, the firm said it planned to raise $500 million through the fund—meaning it secured an additional $150 million above the original target.

Market attention is focused on the raise because the fundraising was completed amid a crypto bear market. Qureshi also said, “It’s a major milestone, but it’s an odd time to celebrate,” adding that “market sentiment (for crypto) has cooled, and fear has peaked.”

Dragonfly is expected to focus investment on areas that integrate crypto such as stablecoins into finance. Qureshi said, “As stablecoins spread across the board, ‘financial crypto’ is growing explosively,” adding that “crypto’s scope will soon expand significantly, including agent payments, on-chain privacy, and tokenization of all assets.”

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