Crypto enterprise capital agency Dragonfly Capital has closed its fourth fund, elevating $650 million to put money into what it sees as the following section of blockchain firms.
The brand new car is Dragonfly’s fourth fund, based on an X publish by fund basic accomplice Rob Hadick. Fortune reported that relatively than chasing client apps, the agency hinted that it’s concentrating on extra conventional monetary merchandise constructed on blockchain rails, together with credit score card-like companies and cash market-style funds, in addition to tokens tied to real-world belongings equivalent to shares and personal credit score.
The shift displays a broader pivot in crypto towards monetary infrastructure and onchain finance, together with funds, lending, stablecoin programs and tokenized real-world belongings.
“That is the most important meta shift I can really feel in my complete time within the business,” stated Tom Schmidt, a basic accomplice at Dragonfly.
The fundraising comes after what Hadick described as a “mass extinction occasion” within the crypto VC ecosystem, as larger rates of interest and token worth declines thinned the investor pool.
Dragonfly beforehand raised about $100 million for its first fund in 2018, roughly $225 million in 2021 and $650 million in 2022. The newest $650 million fund alerts that, regardless of the downturn in crypto enterprise investing, sizable swimming pools of capital are nonetheless backing tasks that goal to attach blockchain know-how extra immediately with conventional finance.
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Crypto VC priorities, focus areas shift
Enterprise funding for blockchain firms cooled in 2025, however that doesn’t imply capital disappeared. As an alternative, the combo has modified.
Conventional early-stage enterprise offers slowed, whereas more cash started flowing by means of public listings, personal investments in public fairness (PIPEs), debt raises and post-IPO fairness choices — an indication that extra mature crypto firms are tapping public markets relatively than relying solely on seed rounds.
The shift seems to be gaining momentum in 2026. Final month, 111 crypto firms raised a mixed $2.5 billion throughout IPOs, PIPEs, debt and fairness choices, based on knowledge from The TIE. That determine suggests institutional capital is returning, even when it’s flowing by means of totally different channels than over the last bull cycle.
The sector focus has additionally advanced. As an alternative of backing layer-1 blockchains and consumer-facing apps, traders are directing capital towards stablecoin infrastructure, institutional custody, digital asset treasury methods and buying and selling platforms.
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