**News Flash: Dragonfly Capital Eyes $500M for New Crypto Fund**

San Francisco-based Dragonfly Capital is aiming to raise $500 million for its fourth crypto fund, according to a Bloomberg report. The venture capital firm has already secured $250 million and plans to complete the fundraising by Q1 2025. This new fund will target early-stage investments in crypto and blockchain projects.

Dragonfly has a robust portfolio, including investments in Ethena, Andrena, Cosmos, and Monad Labs. The firm recently highlighted Ethereum layer-2 scaling and liquidity fragmentation as key industry opportunities.

This fundraising effort comes amid a resurgence in venture capital activity in the crypto space, with firms like Pantera Capital and Paradigm also making significant moves.