Dragonfly Capital announced the close of its $650 million Fund IV, focused on stablecoins, decentralized finance and prediction markets.
Dragonfly Capital, a crypto venture capital firm, closed its Fund IV at $650 million, to focus on DeFi, stablecoins and prediction markets, despite stagnant prices and a slightly declining market.
Haseeb Qureshi, Managing Partner of Dragonfly Capital, announced in an article today, February 17, that Fund IV is “the company’s biggest bet to date, that the crypto revolution is still in the early stages of its exponential growth.” Qureshi added:
“If you look at our recent bets – Polymarket, Ethena, Rain, Mesh – the growth speaks for itself. Agent payments, on-chain privacy, tokenization of everything – the crypto surface is about to explode, and we want to support the founders who are at the center of it.”
Dragonfly Capital’s approach during market downturns is not new. The company raised capital during previous difficult periods, such as ICO winter 2018 and before Luna’s collapse, Qureshi added.
The firm’s first fund in 2018 closed at around $100 million during the ICO downturn, followed by a $225 million Fund II in 2021 and a $650 million Fund III in 2022 – surpassing the initial target of $500 million – just before the prolonged market downturn.
This article was generated using AI workflows.
