Dragonfly — 2025 Investments
9 investments dated 2025 · listed companies and verified rows first · show all
Codex provides institutional fiat-to-stablecoin and stablecoin-to-fiat conversion, letting businesses swap currencies like USD, EUR, and GBP into USDC and USDT through a single counterparty with wholesale FX rates and local settlement.
Crypto & Web3Fintech
Haonan Li(Founder)Momo Ong(Founder)Victor Yaw(Founder)
Co-investorsCoinbase VenturesWintermuteCircle VenturesMirana VenturesReverieCircle & Co.+3 more
3Jane provides credit infrastructure and capital solutions for fintech lenders and cryptocurrency-native businesses, offering warehouse lines, forward-flow programs, and credit facilities ranging from $5M to $200M.
Crypto & Web3Fintech
Co-investorsBreedParadigmWintermuteBalaji SrinivasanEniac VenturesFounders' Co-op+6 more
Conduit provides payment infrastructure for fast, cross-border global transactions.
Developer ToolsEnterprise SoftwareFintechSaaS
Matt Zisow(Founder)Kirill Gertman(Founder)in
Co-investorsCommerce VenturesCore Venture CapitalDiagramDiscovery Ventures III Gmb H & Co. KGGaingelsGradient Ventures+17 more
Ethena operates a crypto protocol offering USDe, a digital dollar, and sUSDe, a reward-accruing asset backed by collateralized assets with third-party attestations.
Crypto & Web3Fintech
Jeremy Huff(Partner & Co-founder)Guy Young(Founder)in
Co-investorsAlphaLab CapitalArkStream CapitalAtaraxia CapitalBascom VenturesBitDAOBreed+25 more
Perpl is a fully on-chain decentralized exchange for perpetual futures trading, offering leveraged Bitcoin trading via a central limit order book (CLOB) built on the Monad blockchain.
Crypto & Web3Fintech
Co-investorsMetastableBreedBreed VCHashkey CapitalL1 DigitalMirana Ventures
Polymarket is a prediction market platform where users trade contracts based on the outcomes of future events across politics, sports, economics, and other categories.
Crypto & Web3FintechMarketplaces
Shayne Coplan(Founder)in
Co-investors1confirmationA.Capital VenturesAbstract VenturesAccess Ventures (New York)Advaita CapitalAnti+38 more
VanEck is an asset management firm offering ETFs and UCITS funds across major asset classes and specialized investment areas, including gold and other assets.
Fintech
Co-investorsCultur3 CapitalMirana VenturesAndreessen HorowitzCoinbase Ventures
ZAR is a financial app that lets people in countries with volatile local currencies send, hold, and spend US dollars.
Crypto & Web3Fintech
Brandon Timinsky(Founder)in
Co-investorsMirana VenturesPharsalus CapitalAndreessen HorowitzCoinbase VenturesEndeavor Catalyst
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Inversion Labs
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.









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