📣 Dragonfly Capital Sets Sights on New Fund
posted 17 Sept 2024
Bloomberg reports that Dragonfly Capital, a crypto-focused venture company, is preparing to raise $500 million for a new fund aimed at early-stage blockchain projects. So far, over $250 million has been secured, with the full fundraising expected to be completed by the first quarter of 2025.
Dragonfly has not yet confirmed the details, but if the report is accurate, this would make them one of the few companies to successfully launch a crypto fund during the recent market downturn. Prior examples include Robot Ventures and Paradigm.
This will be their fourth fund, having previously invested in over 100 projects, including names like Ethena, Cosmos, and Monad Labs. The last fund, worth $650 million, remains active after being launched in 2022, right before the crypto bear market took hold.
Dragonfly’s move comes in the midst of regulatory uncertainty and the approaching U.S. presidential election, where candidates show mixed views on cryptocurrency. Trump has expressed strong support for the industry, while Harris pushes for more regulation.
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