How did Dragonfly Capital raise a $650 million fund?

Dragonfly Capital raised $650 million for its fourth fund by making timely investments in category winners and focusing on the convergence of crypto with fintech.

What is the new meta-shift in the crypto industry?

The biggest meta-shift in crypto is the realization that fewer apps will have native tokens, and more tokens will represent real-world assets like stocks and private credit funds.

What is the current sentiment surrounding crypto?

Sentiment in the crypto market is at an all-time low, described as a 'winter' or 'mass extinction event' for many firms.

Home / Business and Economy / Dragonfly Capital Defies Crypto Collapse with Big Fund

Dragonfly Capital Defies Crypto Collapse with Big Fund

18 Feb

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Summary

Dragonfly Capital raised a $650 million fund despite market lows.
Investments focused on category winners and fintech convergence.
Crypto's shift from internet rebellion to real-world asset representation.

Dragonfly Capital Defies Crypto Collapse with Big Fund

Dragonfly Capital has secured $650 million for its fourth fund, a remarkable achievement amidst a severe downturn in the cryptocurrency market. This success can be attributed to strategic investments in prominent companies such as Polymarket and Rain, signaling a shift in the firm's long-held belief in crypto's trajectory. Previously anticipated to evolve into a distinct internet-based Web3, the sector is now seen as converging with traditional financial markets.

This convergence represents a major meta-shift within the crypto industry. Investors now anticipate a future where digital tokens increasingly represent tangible assets like stocks and private credit funds, moving away from the earlier model of native tokens for applications. While this may signal a departure from crypto's origins as a rebellion against Wall Street, the significant growth of digital money, which has reached a trillion-dollar valuation in a decade, remains a crucial aspect of its evolution.

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