Dragonfly Capital, a leading venture capital firm focused on blockchain and digital asset investments, has officially closed its fourth investment fund at $650 million, marking a significant milestone for the firm amid a subdued venture funding environment for crypto startups.
In a social media announcement on X, Managing Partner Haseeb Qureshi confirmed the close of Dragonfly Fund IV, describing the achievement as notable given current market conditions. He characterized the broader environment as one defined by low sentiment and heightened fear typical of a bear market cycle.
Dragonfly has previously raised funds during challenging periods in the crypto market cycle. Qureshi noted that earlier funds were also closed during downturns, including the post-ICO contraction in 2018 and the run-up to the Terra-Luna collapse in 2022. Those periods, he suggested, ultimately produced some of the firm’s strongest investment opportunities.
Fund IV’s size positions it among the larger crypto-focused venture funds raised in the current cycle, underscoring continued institutional appetite for blockchain infrastructure and financial innovation despite broader capital pullbacks. The firm plans to deploy the capital into early-stage companies building decentralized finance platforms, stablecoin infrastructure, on-chain financial services, prediction markets, and other blockchain-based technologies.
Founded in 2018, Dragonfly Capital has built a portfolio spanning early-stage crypto and blockchain companies across global markets. The close of Fund IV signals that established digital asset venture firms continue to take a long-term view on blockchain infrastructure and financial rails, even as market volatility persists.
We just closed Dragonfly Fund IV at $650M.
It's a big milestone, and yet, it’s a weird time to celebrate. Spirits are low, fear is extreme, and the gloom of a bear market has set in.
But here's the thing: we raised almost every single Dragonfly fund into bear markets.
Fund I…
— Haseeb ＞|＜ (@hosseeb) February 17, 2026
