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TLDR:
- Dragonfly Capital raising $500 million for fourth investment fund focusing on early-stage projects in blockchain space.
- Firm has already secured $250 million and plans to close fundraising by first quarter of 2025.
Dragonfly Capital, a prominent crypto venture capital firm, is raising $500 million for its fourth investment fund, focusing on early-stage projects in the blockchain space. According to Bloomberg, the firm has already secured $250 million and plans to close the fundraising by the first quarter of 2025. While Dragonfly has not publicly confirmed these details, the firm has a history of investing in over 100 companies, including notable projects such as Ethena (USDE), Cosmos (ATOM), and Monad Labs.
Dragonfly’s recent activity includes backing Agora, a stablecoin project that has expanded its offerings to the Sui blockchain. The integration of Agora’s stablecoin, AUSD, into Sui aims to attract institutional users and developers with stablecoins usable across different blockchain networks. In May, Dragonfly Capital’s Haseeb Qureshi disputed claims of venture capitalists dumping crypto and expressed skepticism about theories explaining the decline in prices of tokens listed on Binance with high fully diluted valuations and low circulating supply.
Dragonfly Capital has been actively raising funds for its venture capital efforts in the crypto space, with notable past successes. In 2022, the firm closed its third fund, amassing $650 million for investment in early-stage projects, as reported by Bloomberg.
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