Michal Ulmer ᐳ｜ᐸ

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Stablecoins are increasingly used to move money across borders and protect against inflation. But holding digital dollars isn’t enough. They need to be spendable to unlock real economic access. Rain connects stablecoins to global payment networks. Watch how:

Today we are incredibly excited to announce our oversubscribed $650mm fourth fund. It has been almost four years since @hosseeb and I initially started the discussions about me joining the @dragonfly_xyz partnership with him, Bo and @tomhschmidt yet it feels like different lifetimes altogether. In that period of time, we've had the complete deflation of the risk asset bubble that topped in 2021 and the blow ups of companies and protocols like Terra Luna, Genesis, and FTX. We've seen Solana at both $8 and $290. Larry Fink has become one of the industry's most prominent spokespersons. And the governments of many of the world's super powers have started to embrace the benefits of BTC, blockchains, stablecoins, tokenization and prediction markets. Much has been written about the death of venture capital, or even more specifically, the death of crypto linked VC. As many would tell the story, VC is either extractive and short term oriented or it's long term oriented but unable to return capital to investors. That token designs are so broken that private equity is the only way to make realistically attractive returns. Platforms will eat the rest of the market except for small, niche asset managers with extremely narrow views of the world. And while there are truths embedded in all these points, there are also counterfactuals. We feel strongly that our success over that time, and since inception, is due to the fact that we approach every day from first principles. What actually works in our space? Finance, payments, asset issuance, and markets. What is the appropriate instrument for investment? It depends and there is no one size fits all solution. How should we approach geographic focus? This is borderless, global technology that isn't defined to a single country or region. Are blockchain communities winner take all? Of course not, there are too many use cases that can be served by a variety of technologies. Day in and day out, we challenge our priors and each other to ensure we are not driven by the market, but that we are focused on what we expect to be true on the horizon. Ultimately, we have the easy job as capital allocators who exist primarily to partner with the best founders building in this arena (and i'm lucky to call many of them friends). But at a time when both our space and many of our competitors are going through existential crisis', we wake up lucky to know that we've built a team and partnership that can handle any and all market cycles and form factors - and is ready for the next phase of financial evolution. More below from @leomschwartz fortune.com/2026/02/17/dra…

We just closed Dragonfly Fund IV at $650M. It's a big milestone, and yet, it’s a weird time to celebrate. Spirits are low, fear is extreme, and the gloom of a bear market has set in. But here's the thing: we raised almost every single Dragonfly fund into bear markets. Fund I we raised through the 2018 ICO winter, when almost nobody believed in this space anymore. Fund III we raised right before Luna collapsed. Those were brutal times to deploy capital. But they turned out to be our best vintages. Last week I caught a lot of heat for arguing that non-financial crypto has failed. I meant that. But the flip side of that argument is: financial crypto is exploding. Stablecoins are eating the world. DeFi has grown so big it's rivaling CeFi. Financial institutions around the world are racing to build out their crypto strategies. And prediction markets are becoming the most trusted source of truth on the internet. Fund IV is our biggest bet yet that the crypto revolution is still early in its exponential. If you look at our recent bets—Polymarket, Ethena, Rain, Mesh—the growth speaks for itself. Agentic payments, on-chain privacy, the tokenization of everything—crypto's surface area is about to explode, and we want to be backing the founders at the center of it. We've always believed that the most important work gets done when the noise dies down. We believe moment is now. In fact, we’re putting money on it. If you're building what comes next, @ us.

I’m excited to share that I’ve joined @dragonfly_xyz as part of the investment team, working alongside @hosseeb, Bo, @tomhschmidt, @HadickM and the rest of the team.

Polymarket has been given the green light to go live in the USA by the @CFTC. Credit to the Commission and Staff for their impressive work. This process has been accomplished in record timing. Stay tuned

Announcing the WINNERS of Puzzlebox.sol, Dragonfly's first CTF 🏆 🧵

Get ready to capture the flag ⛳️ Introducing Puzzlebox.sol, an EVM puzzle written by Dragonfly's own @merklejerk 🔗 ctf.dragonfly.xyz

I'm thrilled to announce @dragonfly_xyz's investment in @BitgetGlobal. Bitget is making crypto more accessible with its innovative derivatives products and a user-centric approach, and we're proud to support their mission and growth. theblock.co/post/224702/dr…

Hear live from @tomhschmidt this September. 💡 Tom is the General Partner of @dragonfly_xyz, a crypto VC firm with a global focus since its inception and has backed many crypto projects such as @LidoFinance and @avalabsofficial. Meet him at #TOKEN2049: asia.token2049.com/tickets

Looking forward to hosting a Reddit AMA with the @CoinDesk @Consensus2023 team on r/defi. Join us this Thursday at 5:00pm ET / 2:00pm PT. I’ll be answering via u/coindesk. Follow @consensus2023 for updates about the AMA and the link when we start.

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I'm doing a Bloomberg double feature today: Going to be on @BloombergRadio with @carolmassar and @timsteno @ 12:15 PT, 3:15 ET Then 2:30 PT, 5:30 ET will be on @BloombergTV with @emilychangtv Tune in!

This is unacceptable. We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit. As a member of the Financial Services Cmte, I’d support a hearing if necessary.