Crypto venture capital firm Dragonfly Capital aims to raise $500 million for its fourth fund, which will target early-stage projects, Bloomberg reported on Wednesday.

San Francisco-based Dragonfly has already raised $250 million and is looking to double that figure by first-quarter 2025, according to the report, which cited people familiar with the matter.

Dragonfly closed its third fund, worth $650 million, in April 2022 shortly before the onset of the crypto bear market. The cryptocurrency industry bore the shock of the Terra ecosystem's collapse that May, followed by the sudden capitulation of crypto exchange FTX six months later. The ensuing crypto winter made for a challenging investing environment across the industry.

While the fourth fund's target is more than 20% smaller than its predecessor's, it remains a sign of the VC sector's bullish sentiment.

The company declined to comment when contact by CoinDesk.

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Edited by Sheldon Reback.