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Dragonfly Capital Eyes $500M Fund IV for Early-Stage Crypto Projects

Crypto venture capital firm Dragonfly Capital is targeting to raise $500M for its fourth fund, which will be mainly invested in start-ups.
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Dragonfly Capital Eyes $500M Fund IV for Early-Stage Crypto Projects

Highlights

  • Dragonfly's New Fund: $500M fund, focus on early-stage projects.
  • $250M raised, close expected Q1 2025.
  • Fundraising amidst a recovering crypto market and US election uncertainties.

According to a person familiar with the matter, crypto venture capital firm Dragonfly Capital is targeting to raise $500 million for its fourth fund, which will be mainly invested in projects at an early stage.

Based in San Francisco, Dragonfly Capital has already raised internally $250 million and plans to finish the fundraising in the first quarter of next year. The details are private, and Dragonfly hasn’t made any comment on the matter.

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Dragonfly Capital Seeking $500M

The firm’s move also follows other crypto VC funds, including Robot Ventures and Paradigm, in chasing investment after the industry emerged from trials it faced two years ago.

Dragonfly’s fundraising comes against a contentious U.S. presidential election in which one of the candidates, Donald Trump, has declared he intends to support the sector if re-elected.

If all goes well, however, Dragonfly Capital has invested in more than 100 digital asset companies and projects, including Ethena, Cosmos, and Monad Labs, according to its website. Two years ago, the firm closed its third fund, which raised $650 million.

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Crypto Experts Analyze SOL Surge: Is it a Real Threat to Ethereum?

Recently, some crypto experts chimed in with their thoughts on the ongoing crash of the market. These include: Haseeb Qureshi, Managing Partner at Dragonfly; Tom Schmidt, General Partner at Dragonfly Capital; Robert Leshner, CEO & Co-founder of Superstate; and Tarun Chitra, Managing Partner at Robot Ventures.

While Solana’s first month saw stellar DEX volumes above Ethereum, it still has a long way to go in terms of venture capital investment. That is to say, the few successes of Solana remained within its own ecosystem or, at best, in the so-called meme coins, as opposed to in DeFi applications where Ethereum remains supreme.

Comparing the two, Solana still boasts highly active network activity, while its capital inflows are softer compared with Ethereum. This creates a very interesting opportunity for strategic investors. Early-stage funds positioned in Solana, such as Frictionless or Big Brain, may be set up well for upside if Solana’s traction keeps improving. Also, the path to improved network reliability for Solana has been much more pragmatic compared with Ethereum’s longer-term theoretical fixes.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of expertise in macroeconomics, technology, and the crypto and blockchain sectors. She began her career in 2005 as a lifestyle writer for *Cosmopolitan* before transitioning to business and economic reporting for renowned outlets like *Forbes* and *Bloomberg*. Inspired by thought leaders like Don and Alex Tapscott and Laura Shin, Teuta embraced blockchain's potential, viewing cryptocurrency as one of humanity's most transformative innovations. Since 2014, she has specialized in fintech, focusing on crypto, blockchain, NFTs, and Web3. Known for her strong collaboration and communication skills, Teuta also holds dual MAs in Political Science and Law.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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