Share this article
Dragonfly Capital Managing Partner Alexander Pack Steps Down
Alexander Pack, managing partner of Dragonfly Capital, has stepped down from the crypto investment firm, according to a letter obtained by CoinDesk.
By Brady Dale
Updated May 9, 2023, 3:08 a.m. Published Apr 28, 2020, 8:14 p.m.
Make us preferred on Google
Alexander Pack, managing partner of Dragonfly Capital Partners, has stepped down from the crypto investment firm, according to a letter obtained by CoinDesk. The move was confirmed by Dragonfly Managing Partner Haseeb Qureshi.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The unsigned letter to the fund’s limited partners, dated April 27, says the decision is “due to a difference in vision on the direction of the firm.” Pack will continue to serve in a part-time capacity as a venture partner, stewarding one of the company’s first funds.
“The split could not be more amicable,” Qureshi told CoinDesk via email. “Alex is a great investor and thinker in crypto, and he'll continue supporting our ecosystem of portfolio companies as a Venture Partner. We remain on great terms with him and we hope to continue to work together down the road.”
Dragonfly has been a large but quiet firm in the space, announcing itself in October 2018 with $100 million under management. The firm’s objective has always been to bridge investments between the U.S. and Asia. It invests in cryptocurrencies, new protocols and startups, including Compound, Coda, dYdX and Celo, according to the company's website. It took a large stake in MKR tokens late last year.
Read more: Dragonfly Capital, Paradigm Buy $27.5M Stake in Governing MakerDAO’s Future
Pack was an alumnus of Bain Capital Ventures. The other managing partners include Bo Feng, previously a founding partner of Ceyuan Ventures, and Haseeb Qureshi, previously a general partner at MetaStable Capital.
“We remain on great terms with Alexander and look forward to collaborating with him in his future endeavors for many years to come,” the letter states.
Pack did not reply to a request for comment as of press time.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Vitalik Buterin to spend $43 million on Ethereum development
Ethereum’s co-founder said the $43 million withdrawal will support a broader “full-stack openness and verifiability” vision as the foundation tightens spending.
What to know:
- Vitalik Buterin withdrew 16,384 ETH, worth about $43 million at current prices, to deploy toward open-source security and privacy projects.
- The move comes as the Ethereum Foundation enters a period of “mild austerity” following a market drawdown.
- The foundation still holds roughly $558 million in crypto assets, according to Arkham.
