Dragonfly Raises $650M as Crypto VCs Face 'Mass Extinction'
Crypto venture firm Dragonfly closes its fourth fund at $650M while rivals struggle to survive the downturn.
Dragonfly Capital just closed a $650 million fund — its fourth — while most of the crypto VC world is quietly dying off.
The firm is thriving amid what's being called a "mass extinction event" for crypto venture capital. While competitors fold or shrink, Dragonfly keeps writing checks. Among its notable bets: backing Polymarket's Series B round, the prediction market platform that's become a breakout hit.
Rob Hadick joined Dragonfly in April 2022, right as the crypto market was about to crater. That timing looked brutal then. Now the firm is sitting on a war chest that most crypto-focused funds can only dream about.
The $650M raise signals that institutional appetite for crypto investing hasn't vanished — it's just consolidating around fewer, stronger players. Survival of the fittest, VC edition.