Dragonfly’s new crypto fund will target early-stage projects in the crypto space. Over 100 digital-asset startups are part of the firm’s portfolio.
San Francisco-based venture capital firm Dragonfly Capital plans to raise $500 million for its fourth crypto fund, according to a Sept. 17 Bloomberg report citing an unnamed source.
The new fund has reportedly reached its halfway mark, with $250 million raised so far. The firm expects to complete the fundraising by the first quarter of 2025, according to the source.
The fund will focus on early-stage investments in crypto and blockchain-based projects. Dragonfly has invested in over 100 digital-asset companies and projects, including Ethena, Andrena, Cosmos and Monad Labs. In 2022, the firm closed its third fund, worth $650 million.
