Dragonfly Capital Just Closed $650M Fund IV - The Biggest Crypto VC Raise of 2026.
While crypto VCs face a "mass extinction event," Dragonfly exceeded its $500M target. Every Dragonfly fund was raised in a bear market and those became their best vintages. Fund I → 2018 ICO crash Fund III → Before Terra-Luna collapse Fund IV → Now, amid 46% BTC drop from ATH Focus: Stablecoins, DeFi, RWAs, on-chain payments. Key bets: Ethena, Polymarket, Mesh, Monad Labs, Cosmos.
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Dragonfly Capital Just Closed $650M Fund IV - The Biggest Crypto VC Raise of 2026.
While crypto VCs face a "mass extinction event," Dragonfly exceeded its $500M target.
Every Dragonfly fund was raised in a bear market and those became their best vintages.
Fund I → 2018 ICO crash
Fund III → Before Terra-Luna collapse
Fund IV → Now, amid 46% BTC drop from ATH
Focus: Stablecoins, DeFi, RWAs, on-chain payments.
Key bets: Ethena, Polymarket, Mesh, Monad Labs, Cosmos.