Dragonfly Raises $650M Fund as Crypto VC Landscape Evolves

Dragonfly Capital has closed its fourth fund, raising $650 million to back what it sees as the next phase of blockchain companies, fund general partner Rob Hadick posted on X. The firm signaled a move away from consumer apps toward more traditional financial products built on blockchain rails — including credit card-like services, money market-style funds and tokens tied to real-world assets such as stocks and private credit.

Tom Schmidt, a general partner at Dragonfly, called the trend “the biggest meta shift I can feel in my entire time in the industry.” The fundraising follows what Hadick described as a “mass extinction event” in the crypto VC ecosystem as higher interest rates and token price declines thinned the investor pool.

Dragonfly previously raised about $100 million for its first fund in 2018, roughly $225 million in 2021 and $650 million in 2022. The move comes amid a broader shift: venture funding cooled in 2025 while more capital flowed through IPOs, PIPEs, debt raises and post-IPO equity offerings.

dragonfly capital, 650m fund, blockchain, crypto vc, credit card, money market, real assets, rob hadick, tom schmidt, token prices