Dragonfly Closes $6.5B Fund, Paradigm Targets $15B, a16z Crypto Aims for $2B Amid Consolidating VC Landscape

Dragonfly Capital closed its fourth fund at $6.5 billion, Paradigm is targeting up to $15 billion, and a16z Crypto aims to raise roughly $2 billion for its fifth fund by the first half of 2026, Fortune and ChainCatcher report. Dragonfly's latest fund will focus on stablecoins, onchain financial infrastructure and tokenized real-world assets, while Paradigm plans to deploy capital across cryptocurrency, AI and robotics, and a16z Crypto continues backing crypto projects at the intersection with AI. The three funds reflect diverging strategies as capital concentrates among top-tier crypto venture firms even as the number of funded projects falls, RootData data show.