Dragonfly Capital is looking to raise $500 million for its fourth venture fund, focusing on early-stage crypto projects. So far, the San Francisco-based firm has secured $250 million, with plans to complete the fundraising by the first quarter of next year. The details of this effort have not been publicly disclosed yet. Dragonfly's move comes amid a broader industry recovery, following a period of turbulence two years ago. Other firms like Robot Ventures and Paradigm have also been raising funds in recent months as the sector regains momentum.

Dragonfly has already invested in over 100 digital asset companies, including projects like Ethena, Cosmos, and Monad Labs. The firm’s last fund raised $650 million in 2022. While General Partner Rob Hadick declined to comment on the latest fund during a Bloomberg interview, he noted that this year has seen a rise in venture capital funding, which positions them well for the future.