Crypto venture capital firm Dragonfly has promoted Rob Hadick and Tom Schmidt to managing partners, expanding its leadership team to four. Managing partner Haseeb Qureshi announced the moves in a post on X, saying the pair will lead the firm alongside himself and co-founder Bo Feng.
In the post, Qureshi credited both executives with shaping the firm's trajectory. "Both Tom and Rob have been central to building the firm into what it is today, from the deals we've led, our leadership in industry, to the founders we've stood behind through every cycle," he wrote. He added that the firm's mission remains unchanged: "backing the founders building the future of money and markets."
The promotions formalise a four-person management structure at a firm that has become one of the more prominent investors in crypto, with a portfolio that includes Polymarket, Ethena, Agora, Rain and Monad.
Who are Dragonfly's new managing partners?
Rob Hadick
Hadick brings a background spanning traditional finance, private investments and digital assets. He had served as a general partner at Dragonfly for the past four years before the promotion. Before that, he helped lead crypto investments at GoldenTree Asset Management, a multi-strategy investment firm, working on both public and private crypto companies.
Earlier in his career he held roles across technology, fintech and investment advisory at Heritage Partners, Goldman Sachs and PJT Partners. His LinkedIn profile lists him as an investor in companies including Polymarket and Rain, and as a board member at startups including Velocity, Agora and Mesh.
Tom Schmidt
Schmidt pairs a product and engineering background with crypto investing experience. Before joining Dragonfly, he led product at 0x, an Ethereum-based decentralised exchange protocol, and worked as a product manager at Facebook and Instagram. He also held engineering roles at Apple and Microsoft.
A tougher funding backdrop
The leadership announcement comes as crypto venture activity has cooled. Crypto venture funding slowed in the third quarter of 2026, with companies completing 127 venture rounds worth a disclosed $2.62 billion, according to CryptoRank. That total was down 40.4% from the same period a year earlier, while the number of rounds fell 59.6%. Payments, exchanges and brokerage businesses accounted for 71.6% of disclosed venture capital, pointing to investor focus on financial infrastructure as early-stage deal activity weakened.
The shift comes as some venture firms traditionally associated with crypto widen their remit. On October 22, Andreessen Horowitz announced it was renaming its crypto investment arm, a16z Crypto, to a16z Frontier, saying it was expanding its focus beyond crypto startups to a broader category of frontier technology companies while continuing to invest in crypto and related ventures.
Investments beyond crypto infrastructure
Dragonfly's recent deals have spanned both crypto and artificial intelligence. The firm led Sapiom's $35 million Series A in August, following its co-led $34 million to $38 million Series A for stablecoin infrastructure company Velocity in July and a $65 million Series A for AI company Venice AI earlier that month.
