Dragonfly Digital Management, LLC
| Private | |
| ISIN | 🆔 |
| Industry | Venture capital |
| Founded 📆 | 2018 |
| Founder 👔 | |
Area served 🗺️ | |
| 💎 AUM | US$4 billion (2022) |
| Members | |
Number of employees | |
| 🌐 Website | [Lua error in Module:WikidataIB at line 665: attempt to index field 'wikibase' (a nil value). ] |
| 📇 Address | |
| 📞 telephone | |
| Footnotes / references [1] | |
Dragonfly Digital Management, LLC, doing business as Dragonfly, is a venture capital firm focused on cryptocurrency and blockchain technology.[1][2] It was founded in 2018 with the aim of bridging the crypto markets of the United States and Asia.[3]
Dragonfly has been described as a “cross-border” crypto investor, with operations spanning the U.S. and Asia (including an office in Singapore).[4][5]
Background
Dragonfly’s founding thesis centers on the borderless nature of digital assets, and the firm invests internationally rather than focusing on any single region.[6] In practice, Dragonfly invests across a wide range of crypto-related sectors and stages.[7] Its portfolio and focus encompass decentralized finance (DeFi) protocols, blockchain infrastructure, crypto gaming, NFTs, decentralized autonomous organizations (DAOs), and other Web3 technologies.[7]
The firm backs both early-stage startups and later-stage funding rounds.[7]
History
Dragonfly Capital announced its first fund in October 2018, raising $100 million to invest in crypto assets and startups.[8] The firm brought together investors and advisors from both the West and East, positioning itself as a bridge between Silicon Valley projects and Asian crypto markets.[8]
Early investments included the decentralized exchange dYdX in 2018 and a significant purchase of MakerDAO’s governance tokens (MKR) in 2019.[9]
In 2021, the firm launched its second venture fund (Fund II), raising approximately $225 million to deploy into new crypto projects.[7]
Notable deals during this period included participation in a $12 million private token sale by Avalanche in 2020 and a $200 million Series C investment in Matter Labs—the developer of zkSync—in late 2022.[10][11]
In April 2022, Dragonfly announced the close of its third and largest fund, Dragonfly Fund III, with $650 million in committed capital, exceeding its original $500 million target and attracting a range of institutional and other limited partners.[7] By July 2022, the firm’s assets under management were reported to be roughly $3 billion following its latest fundraise.[12]
In 2024, Bloomberg reported that Dragonfly was seeking to raise a fourth fund, targeting approximately $500 million to continue investing in early-stage crypto projects.[2]
As of March 2025, the firm reported approximately $4 billion in regulatory assets under management in its Form ADV filing with the U.S. Securities and Exchange Commission.[1]
See also
- Andreessen Horowitz
- Blockchain Capital
- Digital Currency Group
- Paradigm Operations LP
- Polychain Capital
- Venture capital
External links
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This article "Dragonfly Capital" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Dragonfly Capital. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
- ↑ 1.0 1.1 1.2 "Form ADV" (PDF). SEC. Retrieved August 12, 2025.
- ↑ 2.0 2.1 Kharif, Olga (September 17, 2024). "Crypto VC Fund Dragonfly Seeks to Raise a $500 Million Fund". Bloomberg. Retrieved August 6, 2025.
- ↑ "Dragonfly Capital Raises $650M for Third Crypto Fund". CoinDesk. April 27, 2022. Retrieved August 6, 2025.
- ↑ Catherine McGrath (May 28, 2025). "Stablecoin company Conduit raises $36 million from Dragonfly Capital and Altos Ventures". Fortune. Retrieved August 18, 2025.
- ↑ "Crypto VC Dragonfly taps Mia Deng to lead Asia operations". DealStreetAsia. November 9, 2021. Retrieved August 6, 2025.
- ↑ Venture Capital Journal (April 2022). "Dragonfly racks up \$650 m for third crypto-focused venture fund". Venture Capital Journal. Retrieved August 18, 2025.
- ↑ 7.0 7.1 7.2 7.3 7.4 "Crypto-focused Dragonfly Capital launches $650M third fund". TechCrunch. April 27, 2022. Retrieved August 6, 2025.
- ↑ 8.0 8.1 "Dragonfly Ventures is raising a $100 million cryptocurrency fund". Axios. October 9, 2018. Retrieved August 6, 2025.
- ↑ The Wall Street Journal (June 2022). "Crypto venture firm Dragonfly is targeting a $500 million fund". Retrieved August 18, 2025.
- ↑ "Dragonfly Capital Raises $650M in Tertiary Funding Round". Cointelegraph. April 27, 2022. Retrieved August 6, 2025.
- ↑ "Matter Labs, the company behind zkSync, raises $200 million to scale Ethereum". TechCrunch. November 16, 2022. Retrieved August 6, 2025.
- ↑ Axios (August 15, 2022). "Dragonfly buys MetaStable Capital". Axios. Retrieved August 18, 2025.
