Dragonfly Capital Raises $650M Fourth Fund to Lead Crypto’s Shift Toward Financial Infrastructure

TLDR: Dragonfly Capital closed its fourth fund at $650M, competing directly with Andreessen Horowitz and Paradigm. The firm led Ethena’s $6M seed round in 2023; the stablecoin now holds a $6.3B market capitalization. Dragonfly’s strategy targets stablecoins, onchain finance, and tokenized assets over native crypto protocols. Partner Haseeb Qureshi says speaking openly in a hype-driven [...]

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