Dragonfly
also invests Β· investor profile2 known investors
Dragonfly is a crypto-focused investment firm comprising Dragonfly Ventures, Dragonfly Liquid, and Metastable (an acquired crypto hedge fund), which invests in blockchain and digital asset companies. It also publishes research on topics such as airdrops, stablecoin payments, and crypto compensation.
Also known as DCP.capital Β· Dragonfly Capital Β· Dragonfly Capital Partners
Investors Β· 2
Company profile
researched Aug 2026Dragonfly is a crypto-focused investment firm that invests across stages, from seed to Series B and later, writing checks of roughly $3M to $30M+ and investing globally. Its website describes eight years of activity in crypto and offices in New York City and Singapore; earlier coverage of its 2022 rebrand described the firm as San Francisco-based and founded in 2018. The firm positions itself as a technically oriented team of crypto-natives and backs teams building protocols, exchanges, applications and infrastructure.
The organization spans venture investing (Dragonfly Ventures), a liquid strategy (Dragonfly Liquid), and MetaStable, a crypto hedge fund co-founded in 2014 by Naval Ravikant that Dragonfly acquired in 2022. MetaStable's early investments included Ethereum, Avalanche, Cosmos, Starkware, NEAR, Zcash, Filecoin, Dfinity and Algorand. Leadership includes managing partners Haseeb Qureshi and Bo Feng, general partners Tom Schmidt and Rob Hadick, plus partners Gengmo Qi and Omar Kanji, COO Lindsay Lin, CFO Sylvia Liu and CCO Scott Hershorin.
Alongside investing, Dragonfly publishes research and opinion content, including its State of Airdrops Report 2025, annual crypto compensation reports (2023 and 2024/2025), a guide to token compensation, and a stablecoin payments study produced with Artemis and Castle Island. It also runs recruiting programs, including a portfolio job board and a talent network.
Founding story
Dragonfly was founded in 2018 as Dragonfly Capital Partners, beginning as a partnership between Alex Pack, who had been leading crypto deals at Bain Capital Ventures, and Bo Feng, an investor known in China's internet ecosystem who had invested in the crypto exchange OKEx through his firm Ceyuan Ventures. The pair aimed to make investments in both the U.S. and Asia, and the first $100 million fund was backed by Asian technology investors including Sequoia China's Neil Shen. Haseeb Qureshi, a former Airbnb software engineer who had left in 2017 to start a stablecoin company and later joined the $500 million MetaStable fund, came aboard in 2019 on the conditions that the firm stop making fund-of-funds investments, lead more deals, and build a technical team; he recruited Tom Schmidt, then head of product at decentralized exchange 0x.
Business model
Dragonfly raises and manages pooled investment funds, deploying capital into equity and token positions in crypto companies and protocols through its venture and liquid strategies and its MetaStable hedge fund unit.
As an investment manager, Dragonfly's economics derive from managing committed fund capital across venture, liquid and hedge fund vehicles; specific fee or carry terms are not disclosed.
Traction
Reported cumulative fund capital of $950 million across four funds as of 2022, with a first fund of $100 million, a third fund with about $500 million to deploy, and a fourth fund of $650 million announced in February 2026. The published portfolio index lists more than 100 companies and protocols, including Bybit, Near Foundation, Dune Analytics, Ethena, Agora, Polymarket, Rain, MegaEth, Monad, MakerDAO, Matter Labs, Lido, Optimism, Polygon, dYdX, Eigenlayer, Aptos, Avalanche, Compound Labs and Starkware.
Latest developments
In February 2026 Dragonfly announced a $650 million fourth fund, described in reporting as arriving during a downturn in crypto markets and a contraction among blockchain venture firms. Recent published writing includes the State of Airdrops Report 2025, the 2024/2025 Crypto Compensation Report, a stablecoin payments study with Artemis and Castle Island, and commentary on blockchain launches and the agentic economy.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Dragonfly is described as having moved into the upper tier of crypto venture capital, competing with firms such as Andreessen Horowitz and Paradigm, with its third fund credited for early bets on Polymarket, Rain and Ethena. Its own site describes it as a leading crypto investment fund.
Differentiators cited include technical expertise across the investment team, a combined venture, liquid and hedge fund structure following the MetaStable acquisition, a stated willingness to back unconventional projects, cross-region reach through U.S. and Asia networks, and published industry data such as compensation and airdrop research.
Technology
Dragonfly emphasizes technical depth, describing its team as deeply technical crypto-natives including technologists, hackers and researchers, and maintains an in-house data science function.
Go-to-market
The firm sources deals through partner networks in the U.S. and Asia and builds visibility with published research and opinion pieces, a widely followed podcast presence by managing partner Haseeb Qureshi, and recruiting services that connect operators with portfolio teams via a job board and talent network. It also offers portfolio founder support functions, including dedicated portfolio support staff in Asia and a global head of founder support.
Crypto and blockchain founders and teams from seed through Series B and later stages, spanning protocols, exchanges, applications, infrastructure, DeFi, CeFi, stablecoins, L1/L2 networks and NFTs; on the capital side, limited partners including Asian technology investors.
Geography
The firm invests globally and lists offices in New York City and Singapore; 2022 coverage described it as San Francisco-based. It previously maintained a back-office team in Beijing before relocating its Asia operations amid China's crypto crackdown, and reporting places its current offices near New York City's Union Square.
History
The firm built its early reputation on investments in companies such as the exchange Bybit and financial services firm Matrixport, and initially also operated as a fund of funds. Alex Pack departed in 2020 after diverging views on the direction of the second fund and later founded Hack VC. Dragonfly's back-office team was originally in Beijing, but a Chinese government crackdown on crypto prompted the firm to relocate its Asia operations. In April 2022 Rob Hadick joined from hedge fund GoldenTree, arriving shortly before the Terra Luna collapse and the subsequent FTX failure. In August 2022 the firm dropped "Capital" from its name, adopted a new logo and website, moved from the domain DCP.capital to dragonfly.xyz, and announced the acquisition of MetaStable Capital. Its third fund, which had roughly $500 million to deploy, produced investments in Polymarket, Rain and Ethena; a fourth fund of $650 million was announced in February 2026.
Risks & controversies
Reporting notes that the firm navigated a founder split with co-founder Alex Pack, who departed in 2020, a regulatory scare involving the U.S. Department of Justice, and a forced pivot away from China following government restrictions on crypto. Co-founder Bo Feng keeps a low public profile and is reported to have connections to China's political elite. The broader crypto venture ecosystem was characterized by a Dragonfly general partner as undergoing a "mass extinction event," and the firm's third fund was deployed through the Terra Luna and FTX collapses.
Compiled by commissioned research from 6 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Timeline Β· 7
launches, deals, and filingsDragonfly announced a $650 million fourth fund, following a third fund that had roughly $500 million to deploy and produced investments in Polymarket, Rain and Ethena.
$650M source β
Dragonfly announced the acquisition of MetaStable Capital, a crypto asset hedge fund founded in 2014 whose early investments included Ethereum and Cosmos, and simultaneously introduced a new name (dropping "Capital"), logo and website, moving from DCP.capital to dragonfly.xyz.
Dragonfly announced its third fund, reported as raising $650 million, bringing total capital raised to $950 million across four funds.
$650M source β
Rob Hadick signed paperwork to join Dragonfly in April 2022, arriving from hedge fund GoldenTree; he is now a general partner.
Amid China's crackdown on crypto, Dragonfly moved its Asia operations away from its Beijing back office.
Co-founder Alex Pack left Dragonfly following differing visions for the second fund and beyond, later founding Hack VC.
Haseeb Qureshi joined Dragonfly in 2019 and subsequently ended the firm's fund-of-funds investing, expanded deal leadership and built out a technical team; he recruited Tom Schmidt from 0x.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
βΈResearch sources Β· 6
primary sources listed
- Dragonflydragonfly.xyz Β· web
6 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Dragonfly do?
- Dragonfly is a global crypto investment firm backing blockchain protocols, exchanges and applications from seed through Series B and beyond.
- Who are Dragonfly's investors?
- Dragonfly's investors include Metastable, Mirana Ventures.