Dragonfly Capital is a crypto-native venture capital firm founded in 2018 and headquartered in Oakland, California, with offices in New York. The firm was established by Alex Pack, formerly leading crypto investments at Bain Capital Ventures, and Bo Feng, a prominent figure from the early Chinese internet ecosystem. In its early years Dragonfly operated across both the US and Asia, but ultimately withdrew from China following the government's sweeping crackdown on digital assets. Under the subsequent leadership of Haseeb Qureshi and Tom Schmidt, the firm rebuilt its identity and emerged as one of the most recognized dedicated crypto venture franchises globally. Over eight years and four funds, Dragonfly has backed 162 companies and developed a reputation for deploying capital during periods of market stress, arguing that its downturn-era vintages have produced its strongest returns.
Dragonfly Fund IV closed in February 2026 at $650 million, exceeding its initial $500 million target by approximately 30%. The raise makes it one of the largest crypto venture capital closes during a period of prolonged market weakness, with Bitcoin having lost a significant portion of its value from prior highs and traditional early-stage deal counts down roughly 60 percent year over year. The fund had originally been announced in September 2025. Managing Partner Haseeb Qureshi framed the timing explicitly as a contrarian bet, describing the current environment as one where "spirits are low, fear is extreme, and the gloom of a bear market has set in," and calling the new fund the firm's "biggest bet yet that the crypto revolution is still early in its exponential." General Partner Rob Hadick went further, describing the broader crypto VC landscape as undergoing a "mass extinction event" but characterizing that as an opportunity rather than a deterrent. The fund is focused on early-stage projects and will prioritize blockchain-based financial services, tokenized real-world assets, agentic payment infrastructure, and on-chain privacy solutions. Dragonfly's prior funds have raised $100 million in 2018, approximately $225 million in 2021, and $650 million in 2022 for Fund III, which targeted later-stage companies. Fund IV returns to an early-stage focus, signaling a deliberate shift back toward inception-stage bets.
Leadership
Dragonfly is led by General Partner Rob Hadick, who joined the firm in 2022 from a traditional finance background and has helped sharpen its focus on the intersection of crypto and conventional financial markets. Managing Partners include Haseeb Qureshi, a prolific writer and public voice in the crypto industry who has been central to rebuilding the firm's identity and thesis; Thomas Kang; Alex Pack, one of the firm's original co-founders; John Patrick Mullin; and Tom Schmidt, a General Partner who has described the current macro shift in crypto as the most significant he has witnessed during his career at the firm. The leadership team brings together backgrounds spanning traditional finance, software engineering, and crypto-native investing.
Investment Strategy
Dragonfly's strategy has evolved meaningfully across its four funds, moving from a broad cross-border mandate that included both US and Chinese crypto projects toward a more focused, US-anchored early-stage model targeting financial infrastructure built on blockchain rails. The firm invests in both equity rounds and token rounds, giving it flexibility to participate across the full range of deal structures that crypto companies use. Its fourth fund thesis is anchored in three intersecting themes: the maturation of stablecoin infrastructure and payments, the tokenization of traditional financial assets including equities and private credit, and the rise of agentic AI systems that need payment and settlement infrastructure to operate autonomously. Dragonfly has historically leaned into concentrated positions in companies it believes can define entire categories, as evidenced by its early bets on Polymarket in the prediction markets space and Ethena in the synthetic dollar space. The firm operates globally but is anchored in North America, with a long history of backing teams across Europe, Asia, and beyond.
Notable Investments
Dragonfly's portfolio of 162 companies spans many of the most recognized names in crypto infrastructure and decentralized finance. From Fund III, the firm's standout bets include:
The firm's portfolio reflects its long-standing interest in infrastructure, financial applications, and emerging market structures within crypto.
Notable Exits
Dragonfly has not disclosed specific exit events publicly, but the strong performance of Fund III is attributed in part to the appreciation of positions in Polymarket, Ethena, and Rain, all of which generated significant value during the fund's investment period. The firm's track record across Funds I and II, raised during the 2018 ICO collapse and the 2021 bull cycle respectively, has been cited as evidence of the firm's ability to generate returns across different market conditions.
Other
Founders should be aware of one significant legal overhang surrounding Dragonfly at the time of this writing. Federal prosecutors have reportedly been weighing potential criminal charges against certain Dragonfly employees related to the firm's 2020 investment in Tornado Cash, the controversial crypto mixing protocol. The firm has stated that it and its principals are not targets of the investigation, but the probe represents a persistent regulatory cloud that founders and LPs should monitor. Beyond that, founders in the crypto space should understand that Dragonfly is a thesis-driven fund with a clear current conviction around financial infrastructure, tokenization, and agentic payments. Founders building in consumer crypto, gaming, NFTs, or pure Web3 social applications are unlikely to be a strong fit for the fourth fund. The firm also participates in token rounds in addition to equity, making it a versatile capital partner for crypto-native projects that have a token component to their capitalization strategy.
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