4 days ago
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Around the time Rob Hadick signed the paperwork to join Dragonfly Capital in April 2022, he’d also rented a house in the Hamptons. A contract with his former employer, hedge fund GoldenTree, obliged him to refrain from working for six months, so Hadick prepared to lean into forced leisure time in the country. His plans for a relaxed stay soon came undone.
Shortly after his arrival, the crypto market went into free fall following the implosion of a notorious stablecoin project called Terra Luna. Hadick remembers scrolling through Twitter as the contagion spread. His wife called to ask if he was relaxing. “I don’t think you understand what’s happening to our net worth,” he responded. “I am drinking whiskey in a dark room at 2 p.m. on a Tuesday.”
His exile finally ended in November—just in time for a second crypto calamity in the form of FTX’s collapse. But Hadick never rethought his decision to go all in on crypto. “I was scared about what was happening to the industry,” he recently told Fortune from Dragonfly’s offices near New York City’s Union Square. “But I was excited about the opportunity we had, because we [still] had $500 million to deploy.”
That fund, Dragonfly’s third, ended up catapulting the firm into the upper echelon of the crypto venture world, competing with the likes of Andreessen Horowitz and Paradigm thanks to its prescient bets on now massive startu...
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