Dragonfly Launches $650M Fund IV as Co-Founder Reveals the Blueprint Behind Building a Crypto VC Firm

TLDR: Dragonfly Capital launched a $650M Fund IV, bringing total assets under management to approximately $4 billion. Co-founder Qureshi credits geographic arbitrage between Asia and the US as the firm’s earliest competitive edge. Dragonfly avoided trending crypto deals like Terra and Axie, instead backing Ethena and Polymarket at low-interest periods. Qureshi argues that non-consensus investments [...]

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