Dragonfly has raised $650 million for its fourth crypto-focused venture fund, signaling renewed investor confidence in digital assets despite recent market volatility. The fund will back early- and growth-stage startups across sectors including decentralized finance, blockchain infrastructure, and Web3 applications. Dragonfly said it aims to support innovative projects globally, with a strong focus on Asia and emerging markets. The successful raise highlights improving sentiment in the crypto venture space as institutional investors gradually return, seeking long-term opportunities in blockchain technology and digital asset ecosystems.