Amid crypto VC shakeout, Dragonfly closes $650M fund with focus on real-world assets

Dragonfly’s raise comes as crypto venture capital shifts toward tokenized real-world assets, payments and core financial infrastructure that enables institutional participation.

Crypto venture capital firm Dragonfly Capital has closed its fourth fund, raising $650 million to invest in what it sees as the next phase of blockchain companies. 

The new vehicle is Dragonfly’s fourth fund, according to an X post by fund general partner Rob Hadick. Fortune reported that rather than chasing consumer apps, the firm hinted that it is targeting more traditional financial products built on blockchain rails, including credit card-like services and money market-style funds, as well as tokens tied to real-world assets such as stocks and private credit.

The shift reflects a broader pivot in crypto toward financial infrastructure and onchain finance, including payments, lending, stablecoin systems and tokenized real-world assets.

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