Qureshi says dedicated crypto venture capital could be entering a “last fund” phase as mature networks become harder to disrupt and investor participation keeps falling.
Dragonfly managing partner Haseeb Qureshi said dedicated crypto venture capital could effectively disappear by 2030 and may now be entering a “last fund” stage, as mature networks become harder for startups to challenge. He has argued that established players are building stronger moats while the pool of genuinely venture-backable pure-play crypto opportunities is shrinking. The warning comes as CryptoRank data showed only 150 independent VC firms joined crypto funding rounds in July as of July 28, down sharply from a peak of 1,177 active investors in May 2022. Qureshi has said capital is not necessarily leaving the sector, but is shifting away from layer-1 protocols and speculative token bets toward AI integration, stablecoins, privacy infrastructure, tokenization of real-world assets and fintech plumbing. He made that case even as Dragonfly closed its $650 million Fund IV in February 2026, framing the raise as part of a consolidation trend in which the largest firms keep attracting capital while smaller specialist funds struggle.