Dragonfly Capital Raises $650M For Fourth Fund

Crypto-focused VC firm closes one of the largest raises in the sector

Published on Feb. 22, 2026

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Dragonfly Capital, a San Francisco-based crypto venture capital firm, has raised $650 million for its fourth fund, exceeding its initial $500 million target. The firm has a history of raising funds during bear markets, with its previous funds proving to be successful investments.

Why it matters

Dragonfly's ability to raise a sizable fund during a downturn in the crypto market signals continued investor interest and confidence in the long-term potential of the blockchain and cryptocurrency sectors. The firm's focus on early-stage investments could help drive innovation and growth in the industry.

The details

Dragonfly Capital raised $650 million for its fourth fund, one of the largest raises in the crypto venture capital sector. The firm's managing partner, Haseeb Qureshi, noted that Dragonfly has typically raised funds during bear markets, such as the 2018 ICO winter and the recent collapse of Luna. Qureshi believes that 'financial crypto is exploding,' with stablecoins, DeFi, and prediction markets gaining traction.

  • Dragonfly Capital closed its fourth fund on February 18, 2026.
  • The firm previously raised $650 million for its third crypto fund in 2023.

The players

Dragonfly Capital

A crypto-focused venture capital firm based in San Francisco that invests in early-stage blockchain and cryptocurrency projects.

Haseeb Qureshi

The managing partner at Dragonfly Capital who announced the firm's successful $650 million fundraise for its fourth fund.

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What they’re saying

“We just closed Dragonfly Fund IV at $650 million. 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.”

— Haseeb Qureshi, Managing Partner, Dragonfly Capital (X)

“Stablecoins are eating the world. DeFi has grown so big it's rivaling CeFi. Financial institutions around the world are racing to build out their crypto strategies. And prediction markets are becoming the most trusted source of truth on the internet.”

— Haseeb Qureshi, Managing Partner, Dragonfly Capital (X)

What’s next

Dragonfly Capital plans to use the $650 million raised for its fourth fund to continue investing in early-stage blockchain and cryptocurrency projects, with a focus on areas like stablecoins, DeFi, and prediction markets.

The takeaway

Dragonfly Capital's ability to raise a sizable fund during a crypto market downturn demonstrates the firm's confidence in the long-term potential of the blockchain and cryptocurrency sectors. The firm's focus on early-stage investments could help drive innovation and growth in the industry, even as the broader market faces challenges.