“In a space that is just completely flooded with bulls**t and with fakers and self-promoters, I think that has actually been a superpower.”

Crypto venture capital firm Dragonfly Capital has closed its fourth fund at $650 million.

The fund comes as the broader cryptocurrency market faces a severe downturn, with token prices declining and investor enthusiasm weakened.

$650 Million Fund

Dragonfly’s previous fund, its third, deployed $500 million into startups such as Polymarket, Rain, and Ethena. The new $650 million vehicle aims to continue that trajectory and will provide capital for the firm to pursue early-stage investments at a time when the crypto venture sector is…