Crypto-focused enterprise agency Dragonfly Capital has closed its fourth fund at $650 million, the corporate introduced this week, Fortune reported, defying a broader pullback in blockchain funding as token costs stoop and investor consideration shifts towards synthetic intelligence.
The brand new automobile, Dragonfly Fund IV, matches the scale of its predecessor and arrives at a second when managing accomplice Haseeb Qureshi mentioned “spirits are low, worry is excessive, and the gloom of a bear market has set in.”
Normal Associate Rob Hadick characterised the present surroundings as a “mass extinction occasion” for crypto enterprise capital, however mentioned the agency sees alternative in deploying capital throughout downturns.
Dragonfly’s Fund III, raised in 2022 amid the collapse of Terra Luna and FTX, produced a number of of the agency’s most profitable investments, together with prediction market Polymarket, funds firm Rain, and artificial greenback protocol Ethena. These early bets helped elevate Dragonfly into competitors with bigger crypto-native funds reminiscent of Andreessen Horowitz and Paradigm.
The agency has backed 162 firms over eight years and made 14 new investments in 2025 alone, in keeping with Crypto Valley Journal. Its portfolio additionally consists of Avalanche, Amber Group, MegaETH, Pendle, Kaito, and Bitget.
“It is weird to see us now develop into one of many incumbents,” Qureshi told Fortune. “We’re taking part in a much bigger recreation than we have been taking part in up to now.”
Dragonfly’s management consists of Qureshi, a former skilled poker participant turned software program engineer who joined in 2019; Hadick, beforehand at hedge fund GoldenTree; Tom Schmidt, former head of product at decentralized trade 0x; and founder Bo Feng, a veteran China tech investor with reported ties to the nation’s political elite by his agency Ceyuan Ventures.
The fund’s first automobile was backed by outstanding Asian tech traders together with Sequoia China’s Neil Shen.
Bitcoin was buying and selling close to $66,700 at time of writing, down roughly 47% from its all-time excessive of $126,080 recorded in October 2025.
