Empire Inside Dragonfly’s $650M Raise | Weekly Roundup
Feb 20, 2026
Rob Hadick, Partner at Dragonfly who led the firm’s $650M raise, walks through the fundraising mechanics and LP decision-making. Short, sharp takes on crypto VC dynamics. He covers token investability in 2026, whether Base might launch a token, and how allocators evaluate crypto managers.
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Dragonfly’s $650M Oversubscribed Raise
- Rob Hadick describes Dragonfly raising a $650M fund that was oversubscribed to its hard cap. He credits LP trust and category-defining early investments like Polymarket and Athena for the outcome.
LPs Want Fintech, Not Just Crypto Bets
- LPs wanted exposure to crypto's fintech use cases rather than just macro crypto price moves. That demand enabled large institutional allocations despite a tough market.
Use Early Deployments To De-Risk Fundraising
- Use first closes to de-risk and show early marks before final close to accelerate fundraising. Deploying capital and showing winners during the raise helps attract more LPs.