Dragonfly Capital Raises $650M Fund for Crypto Investments Amid Bear Market

Venture capital firm Dragonfly has successfully closed a new $650 million fund dedicated to cryptocurrency investments. This significant capital raise occurs during a period widely characterized as a crypto bear market, demonstrating continued institutional confidence. The fund, named Dragonfly Ventures III, will focus on investing across various stages in blockchain and digital asset companies globally. Managing partner Haseeb Qureshi stated that the current market conditions present a unique opportunity to back foundational projects. The firm plans to allocate capital to sectors including decentralized finance (DeFi), non-fungible tokens (NFTs), and emerging Web3 infrastructure. This fundraising highlights a strategic, long-term belief in the blockchain ecosystem's growth potential despite short-term price volatility and market pessimism.