dragonfly capital
Dragonfly Capital is a crypto-native investment firm that deploys capital across digital assets via Dragonfly Ventures, Dragonfly Liquid, and Metastable, writing checks of $3M to $30M+ from seed through Series B for crypto startups, protocols, and applications globally, with institutional Limited Partners as the secondary client base.
- Company typePrivate
- Founded2018
- HeadquartersSan Francisco, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What dragonfly capital does
Dragonfly Capital is a crypto-native investment firm that deploys capital across the digital asset ecosystem through three vehicles: Dragonfly Ventures (seed-to-Series B+ venture investments), Dragonfly Liquid (liquid crypto strategies), and Metastable (a long-running crypto hedge fund acquired from its 2014 co-founder Naval Ravikant, whose original portfolio included early positions in Ethereum, Avalanche, Cosmos, Starkware, NEAR, Zcash, Filecoin, Dfinity, and Algorand). The firm invests globally with check sizes ranging from $3M to $30M+ and serves two core customer segments: crypto startups, protocols, and applications seeking capital with deep technical and ecosystem support, and institutional Limited Partners (accredited investors and qualified purchasers) seeking professionally managed exposure to the crypto economy via private fund vehicles. Its portfolio spans more than 100 companies across CeFi, DeFi, infrastructure, L1/L2 networks, NFTs, and stablecoins, with named positions including Bybit, Near Foundation, Ethena, Dune Analytics, Polymarket, Monad, and MegaEth.
The firm earns revenue through three primary streams: traditional VC management fees on committed capital under management, carried interest (typically ~20%) on profitable exits above the hurdle, and returns from token-based portfolio investments across DeFi and L1/L2 protocols. It does not sell technology products and maintains no consumer-facing app, SDK, or public API; instead, it differentiates through proprietary research publications (annual Crypto Compensation Report, State of Airdrops Report 2025, a co-branded Stablecoin Payments study with Artemis and Castle Island) and an institutionalized Founder Support function led by a Platform Partner & Global Head of Founder Support with a dedicated Asia portfolio support role.
Dragonfly operates through Dragonfly Digital Management, LLC, an investment adviser registered with the US Securities and Exchange Commission, with its primary US headquarters in New York City and a regional headquarters in Singapore to support APAC deal flow and portfolio operations. The legal entity is domiciled in the US (Oakland, California address per its Terms of Service) and is governed by California law. The visible team numbers approximately 15, including two Managing Partners (Haseeb Qureshi, Bo Feng), two General Partners (Tom Schmidt, Rob Hadick), and full operating leadership across COO, CFO, and CCO functions.
dragonfly capital firmographics
Firmographics- Name
- dragonfly capital
- Legal name
- Dragonfly Digital Management, LLC
- Website
- https://dcp.capital
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Dragonfly Capital is a crypto-native investment firm that deploys capital across digital assets via Dragonfly Ventures, Dragonfly Liquid, and Metastable, writing checks of $3M to $30M+ from seed through Series B for crypto startups, protocols, and applications globally, with institutional Limited Partners as the secondary client base.
- Ownership category
- akta.pro rank
Where dragonfly capital is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
dragonfly capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Management Fees: Traditional VC management fees charged to fund Limited Partners as a percentage of committed capital under management.
- Carried Interest: Performance fees from successful portfolio company exits, typically 20% of profits above the hurdle rate.
- Token Investments: Returns from token investments in portfolio companies, including tokens received as part of investments in DeFi, L1/L2, and other crypto protocols.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
dragonfly capital product offering
Product offeringCore offering
Dragonfly Capital is a crypto investment firm that deploys venture capital into blockchain protocols, exchanges, decentralized applications, and crypto infrastructure companies from seed to Series B and beyond, with individual check sizes ranging from $3M to $30M+. It manages three investment vehicles — Dragonfly Ventures, Dragonfly Liquid, and Metastable — and supports portfolio companies through dedicated founder support programs covering token economics, global expansion, and regulatory navigation.
Product overview
Dragonfly Capital is a crypto investment fund comprising three distinct investment vehicles: Dragonfly Ventures (core venture capital arm), Dragonfly Liquid (liquid investment vehicle), and Metastable (acquired crypto hedge fund). The firm provides investment capital and portfolio support services to crypto teams globally, with investment checks ranging from $3M to $30M+ across seed to Series B stages. Dragonfly Capital is not a technology product company but rather an investment management firm.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Over 100 portfolio companies across sectors including CeFi, DeFi, Infrastructure, L1/L2, NFT, Stablecoin
Companies that use dragonfly capital
Customer profileNamed customers7 records
Segments2 records
Ideal customer profiles2 records
dragonfly capital technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
dragonfly capital partnerships and signals
Strategic signalScale indicators4 records
Recent moves7 records
Expansion highlights6 records
dragonfly capital competitors and assessment
Company assessmentRegional players
- Hashed: Korea- and Asia-focused crypto VC firm. Regional peer that competes primarily in Asian deal flow where Dragonfly also operates through its Singapore office.
Direct peers
- Polychain Capital: Crypto-native fund with venture and liquid vehicles and a strong emphasis on protocol-level investments. Closely comparable strategy and stage focus to Dragonfly Ventures and Dragonfly Liquid.
- Multicoin Capital: Crypto-native investment firm with both venture and liquid token funds. Direct competitor on cross-cycle crypto investing, particularly in infrastructure and DeFi, with similar thesis-driven approach.
- Pantera Capital: One of the oldest crypto-focused funds, operating venture, liquid, and Bitcoin-only vehicles. Direct peer across all three of Dragonfly's strategies, with longer history but similar global crypto thesis.
- Andreessen Horowitz (a16z crypto): a16z's crypto fund is a top-tier direct competitor, deploying multi-hundred-million-dollar crypto funds globally across seed to growth stages with overlapping portfolio themes (L1/L2, DeFi, infrastructure).
- Paradigm: One of the largest and most research-driven crypto-native venture firms. Direct competitor for early-stage crypto deals, talent, and LP capital; overlaps on L1/L2, DeFi, and infrastructure bets.
Broad incumbents
- Binance Labs: The venture and incubation arm of Binance, investing across the BNB Chain and broader crypto ecosystem. A large incumbent competitor with strategic alignment to its parent exchange.
- Coinbase Ventures: The corporate venture arm of Coinbase, investing broadly across crypto stages and sectors. Overlaps heavily on deal flow but benefits from Coinbase's exchange and custody platform rather than standing purely as a fund.
- Galaxy Digital: Public crypto financial services and asset management firm with venture, trading, and asset management arms. Provides a broader incumbent benchmark for a multi-strategy crypto investment platform.
- Digital Currency Group: Crypto conglomerate operating Grayscale, Foundry, and direct venture investments. Broad incumbent that competes both at the fund level (venture) and at the LP level (Grayscale products).
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
dragonfly capital social profiles
Digital presencedragonfly capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
dragonfly capital leadership team
Management profileNumber of profiles
dragonfly capital subsidiaries and ownership
Company hierarchySubsidiaries3 records
dragonfly capital funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
dragonfly capital M&A and investment
M&A and investmentM&A1 record
Investments223 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about dragonfly capital
What does dragonfly capital do?
Dragonfly Capital is a crypto investment firm that deploys venture capital into blockchain protocols, exchanges, decentralized applications, and crypto infrastructure companies from seed to Series B and beyond, with individual check sizes ranging from $3M to $30M+. It manages three investment vehicles — Dragonfly Ventures, Dragonfly Liquid, and Metastable — and supports portfolio companies through dedicated founder support programs covering token economics, global expansion, and regulatory navigation.
Is dragonfly capital a public or private company?
dragonfly capital is a private company. It is currently operating.
When was dragonfly capital founded?
dragonfly capital was founded in 2018. It employs 11 to 50 people.
Where is dragonfly capital based?
dragonfly capital is headquartered in San Francisco, United States, in the North America region.
How does dragonfly capital make money?
Three revenue lines are on record. Management Fees are the primary driver. The others are carried Interest and token Investments.
Who are dragonfly capital's main competitors?
Hashed is listed as a regional player. Direct peers are Polychain Capital, Multicoin Capital, Pantera Capital, Andreessen Horowitz (a16z crypto) and Paradigm. Broad incumbents are Binance Labs, Coinbase Ventures, Galaxy Digital and Digital Currency Group.
Does dragonfly capital have an API?
No public API is recorded for dragonfly capital.