Dragonfly Raises $650M for New Fund to Back DeFi, Prediction Markets and Stablecoins

Dragonfly Capital, a crypto venture capital firm, has closed its Fund IV at $650 million, to focus on DeFi, stablecoins and prediction markets, despite stagnant prices and a mildly down market.

Haseeb Qureshi, managing partner at Dragonfly Capital, announced in an X post today, Feb. 17, that Fund IV is the firm's "biggest bet yet that the crypto revolution is still early in its exponential." Qureshi added:

"If you look at our recent bets — Polymarket, Ethena, Rain, Mesh — the growth speaks for itself. Agentic payments, on-chain privacy, the tokenization of everything — crypto's surface area is about to explode, and we want to be backing the founders at the center of it."

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