Dragonfly closes $650 million for fourth crypto venture fund amid bear market ‘gloom’
Dragonfly Capital closed its fourth crypto venture fund, Fund IV, at $650 million despite the current bear market sentiment.Summary
Dragonfly Capital successfully closed its fourth venture vehicle, Dragonfly Fund IV, securing $650 million, according to Managing Partner Haseeb Qureshi, who noted the timing amidst extreme market fear and 'gloom.' This fund size matches its predecessor, Fund III, which closed in May 2022. Qureshi highlighted that prior funds were also raised during market downturns, such as Fund I during the 2018 ICO contraction, which resulted in their 'best vintages.' He views Fund IV as the firm's largest conviction yet that the crypto revolution is still in its early stages. Dragonfly's recent investments reflect a focus on institutional payment rails and stablecoin issuance, including participation in Mesh's $75 million Series C and leading rounds for Conduit and MyShell. This capital raise follows the resolution of a potential regulatory dispute where the U.S. Department of Justice confirmed it would not pursue charges against Dragonfly or its principals regarding its early investment in the Tornado Cash mixer.
(Source：The Block)