Crypto Venture Firm Dragonfly Secures $650 Million for Fourth Investment Fund
According to partner Rob Hadick, the $650M close was aided by early bets on Polymarket and Rain, as leaders Haseeb Qureshi and Tom Schmidt emphasize tokenized RWAs and digital-native money reaching trillions within a decade.
Dragonfly Capital closed its fourth fund at $650 million, matching Fund III and exceeding an initial $500 million target. Partner Rob Hadick said the raise was bolstered by early investments in Polymarket and Rain. Founded in 2018 by Alex Pack and Bo Feng, the firm is led by Haseeb Qureshi and Tom Schmidt, who highlight a pivot toward tokenized real-world assets and forecast digital-native money scaling to trillions within 10 years. Dragonfly continues to focus on stablecoins, decentralized finance, and prediction markets.
- Tokenized real-world assets (RWA): On-chain representations of physical or traditional financial assets, enabling blockchain-based ownership, transfer, and settlement.
- Stablecoin: A cryptocurrency designed to maintain a stable value by pegging it to a reserve asset such as the US dollar.
- Prediction markets: Platforms where users trade contracts tied to future events, with prices reflecting the crowd-implied probability of outcomes.