Golden Finance reports, citing Bloomberg sources, that crypto venture capital firm Dragonfly Capital is seeking to raise $500 million for its fourth fund, which will invest in early-stage projects.

The source, who declined to be named as the details are not yet public, said the firm has raised $250 million so far and is aiming to complete the fundraising by the first quarter of next year. Dragonfly did not immediately respond to a request for comment outside of normal business hours.