Dragonfly

What Dragonfly does

Dragonfly is a crypto-native venture capital firm founded in 2018 and headquartered in San Francisco, with additional offices in New York City (primary US office) and Singapore (APAC regional hub). The firm invests globally across stages from seed to Series B and beyond, with check sizes ranging from $3 million to $30 million or more per company. It manages approximately $4 billion in assets under management across four funds, the most recent being Fund IV at $650 million closed in February 2026.

Dragonfly's underlying "product" is its investment platform, organized into Dragonfly Ventures (multi-stage venture investing), Dragonfly Liquid (liquid token strategies), and MetaStable (acquired in August 2022, a 2014-vintage crypto hedge fund originally co-founded by Naval Ravikant). The firm backs protocols, exchanges, applications, and infrastructure companies across DeFi, CeFi, stablecoins, L1/L2 networks, NFTs, and prediction markets. Its portfolio includes Bybit, Near Foundation, Dune Analytics, Ethena, Polymarket, Rain, MegaEth, and Monad. The firm complements capital deployment with proprietary research publications, including the State of Airdrops Report, annual Crypto Compensation Reports, and a $94 billion stablecoin payments study conducted with Artemis and Castle Island.

The business model follows standard institutional VC economics: management fees on committed/invested capital (typically ~2%) plus carried interest on fund profits, with capital raised from institutional limited partners, family offices, and high-net-worth individuals. The firm is registered as an investment adviser with the SEC via Dragonfly Digital Management, LLC. Deal sourcing relies on direct founder relationships, portfolio referrals, technical brand authority, and content marketing through writing.dragonfly.xyz and active social channels.

Name

Dragonfly

Legal name

Dragonfly Digital Management, LLC

Website

https://www.dragonfly.xyz

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Dragonfly is a crypto-native venture capital firm managing approximately $4 billion in AUM across four funds, investing globally from seed to Series B+ in blockchain infrastructure, DeFi, stablecoins, and crypto applications.

Ownership category

akta.pro rank

Product category

Venture Capital & Crypto Investment Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Active Crypto Asset Managers (Discretionary) (FSADAHAA)

akta.pro secondary industry

Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)

Keywords

• Crypto venture capital
• Blockchain investment
• Crypto fund management
• Digital asset research
• Portfolio support

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Venture Capital Management: Dragonfly generates revenue through traditional VC fee structures: management fees (typically 2% on committed capital during investment period, lower thereafter) and carried interest (typically 20% of profits above hurdle rate). As a fund manager, they raise capital from LPs (institutions, family offices, high-net-worth individuals) and deploy it into portfolio companies, generating returns through equity/token investments in crypto startups.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Dragonfly is a crypto-native venture capital firm that invests in blockchain and cryptocurrency companies across all stages (seed to Series B and beyond), with individual investment checks ranging from $3M to $30M+. The firm manages four funds totaling approximately $4 billion in AUM and complements capital deployment with hands-on portfolio support including talent matching, founder networks, and operational resources, plus proprietary research publications.

Product overview

Dragonfly is a cryptocurrency-focused venture capital firm operating as a single unified investment platform. The firm deploys capital across stages (seed to Series B) through its fund vehicles, most recently Fund IV at $650 million. Dragonfly complements its investment activities with proprietary research publications (State of Airdrops Report, Crypto Compensation Report) and an editorial writing platform, serving as a research-driven investor in the crypto ecosystem rather than a product company with modules or add-ons.

Differentiator

Problem solved

Functional benefit

Products and services

• Dragonfly Ventures (Fund IV) A $650 million multi-stage venture capital fund investing in blockchain infrastructure, DeFi, stablecoins, on-chain financial services, and tokenized real-world assets for crypto companies from seed to Series B+ globally.
• Dragonfly Liquid Liquid token and digital asset trading/investing strategy operated as part of the Dragonfly platform for managing liquid crypto positions in the firm's portfolio and proprietary capital.
• MetaStable Long-running crypto hedge fund acquired by Dragonfly in August 2022 that invests in early-stage crypto assets and protocols, expanding Dragonfly's platform to include the firm's longest-tenured crypto investment vehicle.
• Dragonfly Portfolio Support Platform Hands-on portfolio support services for funded companies covering talent matching, founder networks, legal and finance operations support, and operational resources across the US and Asia.
• Dragonfly State of Airdrops Report Proprietary annual research publication analyzing the economic impact of geo-blocking policies on crypto airdrop distributions across 12+ airdrops between 2019 and 2023, intended for crypto founders, token designers, and protocol teams.
• Dragonfly Crypto Compensation Report Annual industry compensation survey providing salary benchmarks and token-based compensation design analysis for crypto startups and hiring managers navigating growth and talent strategy.
• Dragonfly Stablecoin Payments Study Comprehensive research study on stablecoin payments conducted in partnership with Artemis and Castle Island, analyzing $94 billion in stablecoin transaction data to understand adoption patterns and infrastructure requirements.

Quantifiable outcome

• 100+ portfolio companies across crypto sectors including DeFi, infrastructure, stablecoins, L1/L2, CeFi, NFTs
• +2 more outcomes

Named customers9 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• MetaStablecoreStrategic or Co-development PartnerDragonfly acquired MetaStable, one of the oldest crypto hedge funds co-founded in 2014 by Naval Ravikant. MetaStable was an early investor into Ethereum, Avalanche, Cosmos, Starkware, NEAR, Zcash, Filecoin, Dfinity, and Algorand. The acquisition expanded Dragonfly to include Dragonfly Ventures, Dragonfly Liquid, and now Metastable, making Dragonfly more expansive than ever.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Paradigm: Paradigm is a crypto-native venture firm investing across stages with a research-driven approach. It is a direct competitor to Dragonfly for the same founder pool, with overlapping coverage of DeFi, infrastructure, and protocol-level investments.
• Andreessen Horowitz (a16z crypto): a16z crypto is a major dedicated crypto venture practice within Andreessen Horowitz, investing from seed to growth across the same sectors Dragonfly covers (DeFi, stablecoins, infrastructure, L1/L2). It is a direct competitor for high-profile rounds and limited partner attention.
• Polychain Capital: Polychain Capital is one of the earliest crypto-native venture firms, investing across the digital asset stack. It directly competes with Dragonfly on protocol, infrastructure, and token-related investments and shares the crypto-native thesis-driven approach.
• Pantera Capital: Pantera Capital is a long-standing crypto investment firm operating venture, liquid, and fund-of-funds strategies. It directly competes with Dragonfly's multi-strategy platform (Ventures + Liquid + MetaStable) and was a co-investor in the Avalanche Treasury Co. SPAC.
• Multicoin Capital: Multicoin Capital is a thesis-driven crypto venture fund investing in tokens and equity. It competes with Dragonfly for early-stage protocol investments and participated in rounds alongside Dragonfly (e.g., Dune Analytics Series B).
• Galaxy Ventures: Galaxy Ventures is the crypto-focused venture arm of Galaxy Digital, investing across early-stage crypto companies. It directly competes for similar deals (e.g., co-invested in Rain Series C) and shares the institutional crypto thesis.
• Coinbase Ventures: Coinbase Ventures is the corporate venture arm of Coinbase, investing across crypto stages globally. It directly competes with Dragonfly in seed and Series A rounds (e.g., co-invested in Megapot, Mesh-related deals) and offers exchange-adjacent strategic value to portfolio companies.

Broad incumbents

• Bain Capital Crypto: Bain Capital Crypto is the dedicated crypto practice of Bain Capital, a major private equity and venture platform. It overlaps with Dragonfly on growth-stage crypto rounds (e.g., co-invested in Variational Series A) and brings traditional-finance LP relationships.
• Lightspeed Venture Partners: Lightspeed is a broad technology VC firm with a dedicated crypto practice that participates in late-stage crypto rounds (e.g., co-invested in Rain Series C). It competes with Dragonfly for larger checks and brings non-crypto LPs and strategic resources.
• Bessemer Venture Partners: Bessemer is a broad technology investment platform with growing crypto exposure (co-invested in Rain Series C). It is a broader incumbent whose crypto practice increasingly competes with Dragonfly for growth-stage opportunities and institutional LP dollars.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/dragonfly_cap
• LinkedInlinkedin.com/company/dragonfly-capital-partners

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments242 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dragonfly