🌎 Dragonfly Capital Raises $250M for Blockchain Fund, Aims for $500M

Dragonfly Capital, a prominent crypto venture capital firm, is raising $500 million for its fourth investment fund. This fund will focus on early-stage projects in the blockchain space, continuing Dragonfly’s strategy of supporting innovative companies. According to an anonymous source, the firm has already secured $250 million and plans to close the fundraising by the first quarter of 2025.

While Dragonfly has not publicly confirmed these details, the firm has been a key player in the digital assets market, with a history of investing in over 100 companies, including notable projects such as Ethena, Cosmos, and Monad Labs.

Dragonfly’s Crypto Ventures

Dragonfly’s recent activity includes backing Agora, a stablecoin project that has expanded its offerings to the Sui blockchain. The integration of Agora’s stablecoin, AUSD, into Sui is part of a larger strategy to attract institutional users and developers by offering stablecoins that can be used across various blockchain networks.

In May, Dragonfly Capital’s Haseeb Qureshi addressed claims that venture capitalists were dumping crypto and expressed skepticism about common theories explaining the decline in prices of tokens recently listed on Binance. Specifically, tokens with high fully diluted valuations and low circulating supply were under scrutiny. In a May 19 post on X, Qureshi suggested that market sentiment had turned against these “risky new coins” amid broader market downturns and geopolitical tensions in April.

Dragonfly Capital has been actively raising funds for its venture capital efforts in the crypto space for many years, with notable past successes. In 2022, the firm closed its third fund, amassing $650 million to invest in early-stage projects.

Key Takeaways

Fundraising Goal: Dragonfly Capital aims to raise $500 million for its fourth investment fund.
Focus: The fund will target early-stage projects in the blockchain space.
Current Status: $250 million has already been secured.
Target Close Date: Fundraising is expected to close by the first quarter of 2025.
Recent Investments: Dragonfly has invested in Agora’s stablecoin project, expanding into the Sui blockchain.