Dragonfly Capital, a prominent crypto venture capital firm, is raising $500 million for its fourth investment fund, according to Bloomberg.
Key Details of the New Fund
The 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, investing in over 100 companies, including notable projects such as Ethena (USDE), Cosmos (ATOM), and Monad Labs.
Recent Investments by Dragonfly
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.
Dragonfly's Market Position
In May, Dragonfly Capital’s Haseeb Qureshi disputed claims that venture capitalists were dumping crypto and expressed skepticism about common theories explaining the decline in prices of tokens recently listed on Binance. In a May 19 post on X, Qureshi addressed these concerns and 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, according to Bloomberg.
Dragonfly Capital continues its active venture activities in the cryptocurrency space, aiming to support numerous innovative projects and startups.
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