Dragonfly Capital has successfully closed its fourth fund, raising $650 million to support its investment strategy. The firm, founded in 2018 by Alex Pack and Bo Feng, is now led by Haseeb Qureshi and Tom Schmidt. This latest fundraising effort was driven by early investments in projects like Polymarket and Rain. Tom Schmidt highlighted a shift in the crypto industry from application-native tokens to tokenized products representing real-world assets. He emphasized a long-term trend where digital-native currencies are expected to grow from zero to trillions in value over the next decade.