Tag Archives: capital

‘Don’t Embarrass Yourself’: Haseeb Qureshi Fires Back in Dragonfly Capital Feud on X

‘Don’t Embarrass Yourself’: Haseeb Qureshi Fires Back in Dragonfly Capital Feud on X

Dragonfly Capital’s biggest fundraise sparked a public fight. Days after closing a $650 million Fund IV, managing partner Haseeb Qureshi published a lengthy essay on X titled “How to Build a VC Firm,” positioning himself as the architect behind one of crypto’s most powerful venture firms. Former co-founder Alexander Pack was not having it.

“Bo and I co-founded Dragonfly 1+ year before we hired you to join us. The firm was not at 0, we led plenty of great deals,” Pack, who now runs Hack VC, wrote.

He pointed to early investments in Bybit, Amber Group, and Crusoe as proof that Dragonfly was already deploying capital before Qureshi entered the picture.

Qureshi Hits Back: ‘It Was a Fund of Funds’

Qureshi did not hold back. He challenged Pack’s version of events directly, claiming the firm had never led a single deal before his arrival.

“Alex, don’t embarrass yourself. Dragonfly had never led a single deal before I joined. It was literally a fund of funds,” Qureshi responded.

He added that his first demand upon joining was to end fund-of-funds investments, a move Pack reportedly resisted. Qureshi, a former professional poker player turned crypto VC, has long been the public face of Dragonfly through his role on the Chopping Block podcast and viral posts on Crypto Twitter.

‘You Did Not Build Dragonfly’

Qureshi followed up with a longer post, rejecting the claim he was “hired.” He joined as the third Managing Partner after leaving MetaStable, while Dragonfly’s first fund was only half raised with roughly $55 million in AUM. The firm now manages $4 billion.

He claimed Pack resisted the pivot from fund-of-funds, but Bo Feng sided with him. Pack was out within a year.

“You did not build Dragonfly. Me, Bo, Tom, and Rob did,” Qureshi wrote, closing with a jab at Hack VC’s current fundraise: “You might want to check out a blog post I wrote recently.”

What Fortune’s Reporting Confirms

A Fortune deep-dive published last week corroborates key parts of the timeline. Dragonfly was founded in 2018 by Pack and Bo Feng as a $100M cross-border fund backed by major Asian tech investors. Qureshi joined in 2019. Pack departed in 2020.

Fortune described the split as “the stuff of crypto VC lore.” Qureshi told Fortune that Feng “threw the car keys” to him, marking what he calls “the birth of modern Dragonfly.”

Crypto Community Picks Sides

The exchange drew fast reactions on X. Some users backed Pack, writing that “everyone that matters in the crypto venture capital business knew that the Bo relationship was from Alex alone.”

Anndy Lian took a diplomatic stance, acknowledging Qureshi’s “8-9 years of hard work” without weighing in on who started the firm.

What This Means for Dragonfly’s $650M Fund

The timing makes this more than personal drama. Dragonfly Capital Partners now manages roughly $4 billion. In a crypto VC landscape where active US firms have dropped over 25% since 2021, LP trust depends on accurate track record attribution.

How Dragonfly’s early deal history is framed could face scrutiny from institutional investors evaluating the firm alongside competitors like Pantera Capital and Paradigm.

 

Source: https://coinpedia.org/news/dont-embarrass-yourself-haseeb-qureshi-fires-back-in-dragonfly-capital-feud-on-x/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Circular capital: Inside the closed-loop ecosystem propelling (and distorting) the AI boom

Circular capital: Inside the closed-loop ecosystem propelling (and distorting) the AI boom

The artificial intelligence sector is experiencing an unprecedented surge, driven by what many observers describe as an arms race among tech giants and startups alike. Major players like Microsoft, Amazon, Nvidia, and Oracle are pouring billions into promising AI ventures such as OpenAI, Anthropic, and Scale AI, creating intricate funding ecosystems that blur the lines between investment and self-serving commerce.

These startups, in turn, funnel much of that capital back into the investors’ own products, including cloud computing services, specialised chips, and data infrastructure. This circular flow of money strengthens the positions of a handful of dominant companies while raising serious questions about competition and the efficient use of resources in a field still in its early stages.

Circular capital loops

This setup resembles a high-stakes poker game where the house always wins, potentially stifling innovation from smaller players and inflating valuations beyond sustainable levels. The industry appears to operate on the belief that AI could evolve into a winner-take-all market, justifying these closed loops as a necessary hedge against being outpaced.

Recent reports indicate OpenAI’s valuation has climbed to around 324 billion dollars, with Anthropic not far behind at 178 billion dollars, figures that underscore the rapid escalation in private market enthusiasm. Scale AI, meanwhile, maintains a valuation near 29 billion dollars, often tied more to projected spending on infrastructure than to immediate revenue streams.

Regulatory scrutiny mounts

Regulatory scrutiny is intensifying as these dynamics unfold, with authorities expressing growing alarm over market concentration and potential antitrust issues. Nvidia, commanding over 80 per cent of the AI chip market, faces investigations from the US Department of Justice regarding its acquisition of Run:ai, a move that could further entrench its dominance.

The Financial Stability Board has issued warnings about the systemic risks posed by AI’s heavy reliance on a limited number of infrastructure providers, highlighting vulnerabilities in areas like cybersecurity and model governance that could cascade through the financial system. In my view, these concerns are well-founded, as the concentration of power in a few hands echoes past tech bubbles where over-dependence on key suppliers led to widespread disruptions.

Capital allocation risks

The circular capital loops exacerbate this, as seen in deals where OpenAI commits to massive spending on Oracle’s cloud services following investments from similar tech behemoths. While analysts remain optimistic about AI’s transformative potential in the long term, they caution against short-term returns hampered by regulatory hurdles and inefficient capital allocation.

The risk of overvaluation looms large, with private AI firms’ worth often predicated on future infrastructure expenditures rather than proven profitability, a pattern that could precipitate corrections if growth expectations falter.

Macro market backdrop

Shifting to broader economic indicators, global risk sentiment stays subdued as markets await new developments amid worries ranging from labor market slowdowns to persistent inflation. Investors are closely monitoring upcoming US initial jobless claims data, with estimates around 233,000 following last week’s 231,000, a figure that could sway perceptions of the Federal Reserve’s policy direction.

The Swiss National Bank recently held its policy rate at 0.00 per cent, aligning with expectations and reflecting a cautious approach to monetary easing in the face of stable inflation. Wall Street closed lower on Wednesday, with the Dow Jones Industrial Average down 0.37 per cent at 46,121, the S&P 500 off 0.28 per cent at 6,638, and the Nasdaq declining 0.34 per cent to 22,498, driven by retreats in technology stocks amid valuation concerns.

Wall Street and commodities

Treasury yields edged higher, with the 10-year note at 4.147 per cent and the 2-year at 3.604 per cent, signalling mixed expectations for interest rate paths. The US dollar index strengthened by 0.6 per cent to 97.873, while gold prices dipped 0.7 per cent to 3,736 dollars per ounce, pulling back from recent highs as the dollar gained ground. Brent crude rose 2.5 per cent to settle at 69.31 dollars per barrel, buoyed by supply concerns from ongoing geopolitical tensions in Ukraine impacting Russian oil facilities.

Asian equities showed mixed performance, with Chinese markets buoyed by AI and tech optimism, though early trading today indicated continued variability. US equity futures point to a higher open, suggesting some rebound potential. In my opinion, this muted sentiment reflects a market grappling with uncertainty, where AI hype provides sporadic lifts but broader economic signals like job data and yields temper enthusiasm, potentially setting the stage for volatility if inflation proves stickier than anticipated.

Crypto under pressure

Turning to cryptocurrencies, contrary to chatter among some circles that altcoins are outperforming Bitcoin, the data paints a different picture of weakening momentum for alternatives. The CoinMarketCap Altcoin Season Index stands at 68 out of 100, still in altcoin territory but down 4.23 per cent over the past 24 hours from last week’s 77, indicating a cooling trend.

Bitcoin’s dominance has risen to 57.97 per cent, up 0.25 points in the last day, as capital shifts toward the flagship cryptocurrency amid altcoin retreats. Ethereum, a bellwether for the sector, has fallen 11.6 per cent weekly, with Chainlink down 11.2 per cent and Cardano dropping 12.0 per cent, underscoring broader underperformance.

Derivatives markets reinforce this caution, with altcoin funding rates turning negative at -0.00035835 per cent and open interest declining 4.1 per cent in 24 hours, compared to Bitcoin’s more resilient metrics.

Investor takeaway

From my standpoint, this shift signals a risk-off environment in crypto, where Bitcoin’s perceived safety draws inflows during uncertainty, much like gold in traditional markets. Historically, Altcoin Season Index readings dipping below 70 often herald Bitcoin dominance rebounds, and current social discussions around Ethereum’s high fees and upcoming upgrades like Pectra in Q4 2025 add to the drag.

Traders unwinding leveraged positions faster in altcoins than in Bitcoin further erodes confidence in near-term rallies for alternatives, suggesting investors should prioritise Bitcoin amid this rotation.

Overall, the interplay between AI’s frenetic funding cycles, emerging regulatory pressures, subdued macro conditions, and crypto’s Bitcoin-centric tilt illustrates a financial landscape fraught with opportunity and peril.

I believe the AI arms race, while fuelling innovation, risks over-investment that could echo the dot-com era’s excesses if not tempered by competition and oversight. Investors would do well to diversify beyond concentrated bets, monitoring systemic risks and market signals closely to navigate what may prove a pivotal juncture for technology-driven growth.

 

Source: https://e27.co/circular-capital-inside-the-closed-loop-ecosystem-propelling-and-distorting-the-ai-boom-20250925/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Bitcoin Asia 2025: la promesa del millón de dólares a la urgencia por movilizar el capital inactivo

Bitcoin Asia 2025: la promesa del millón de dólares a la urgencia por movilizar el capital inactivo

Bitcoin Asia 2025, celebrado en Hong Kong el 28 y 29 de Agosto, se ha consolidado como uno de los foros más confluidos del ecosistema cripto de la rgión. Durante dos días intensos, reguladores, líderes de la industria, founders e inversores coincidieron en un momento en el que el futuro de Bitcoin y de las finanzas digitales se está reescribiendo en tiempo real. Si hubo un tema que atravesó prácticamente todas las discusiones fue la locked liquidity de Bitcoin: más del 99% de los BTC permanecen en manos de instituciones, exchanges, mineros y tesorerías, sin ser puestos en circulación. El reto es mayúsculo: cómo desbloquear ese capital inactivo y convertirlo en motor de la siguiente ola de crecimiento.

El otro gran eje de la conferencia fue el acercamiento gradual de instituciones y reguladores. Cada vez más, el debate no se centra en si Bitcoin tiene cabida dentro del sistema financiero global, sino bajo qué condiciones. Hong Kong, con su reciente marco regulatorio para stablecoins, se presentó como un auténtico laboratorio de innovación financiera. Las reglas claras ya están atrayendo proyectos, capital y talento, y muchos ven en la ciudad un modelo que China —y quizás otras jurisdicciones de Asia— podrían replicar en los próximos años.

Las voces del escenario

En los paneles principales, las intervenciones dejaron claro que la industria atraviesa un momento de transición. Nenter Chow, director ejecutivo global de BitMart, defendió que el volumen institucional es “esencial” para dar profundidad y estabilidad al mercado. Sin esa participación, dijo, la volatilidad seguirá siendo la norma y el crecimiento estructural será limitado.

CZ, cofundador de Binance, reforzó esa idea insistiendo en que la regulación “tiene que ponerse al día con la innovación”. Señaló el auge de las compañías de tesorería que siguen la estrategia de MicroStrategy: mantener Bitcoin en balance como activo estratégico de largo plazo. “Las instituciones simplemente no podían participar antes en cripto”, explicó, “pero cuanto mayor es la capitalización de mercado, más estabilidad encontramos y más espacio hay para ellas”.

La dimensión geopolítica también ocupó un lugar central. En el panel “Global Game Theory: The Response to America Changing Bitcoin Policy”, Grant McCarty (copresidente del Bitcoin Policy Institute), Bilal Bin Saqib (ministro de Estado para Blockchain en Pakistán) y Anndy Lian (asesor intergubernamental en blockchain) discutieron cómo diferentes países están reaccionando ante los cambios en la política estadounidense hacia Bitcoin. La conclusión fue clara: el futuro de la red no se decidirá solo en Wall Street o Silicon Valley, sino en un tablero internacional cada vez más competitivo.

Eric Trump y la nota política

La aparición de Eric Trump aportó uno de los momentos más comentados de la conferencia. En una charla informal, aseguró que tanto él como su familia habían sido “debanked”, situando a Bitcoin como un seguro frente a la exclusión financiera y al riesgo político. Pero lo que realmente encendió las conversaciones en los pasillos fue su predicción: Bitcoin llegará a un millón de dólares. Aunque polémica, la afirmación capturó la atención del público y puso de relieve las expectativas que aún rodean al activo en plena transición hacia una adopción institucional más amplia.

Hong Kong como epicentro regulatorio

El marco normativo para stablecoins que Hong Kong aprobó recientemente fue otro de los temas omnipresentes. La ciudad está apostando por ser un epicentro regulatorio en Asia, y su movimiento se interpreta como un primer paso hacia la eventual adopción de modelos similares en China. El mensaje es claro: la innovación necesita reglas, y esas reglas pueden convertirse en ventaja competitiva si atraen capital y empresas en busca de certidumbre.

La vida más allá del escenario

Más allá de las conferencias, Bitcoin Asia se extendió por toda Hong Kong gracias a la enorme oferta de side events. Desde desayunos privados con fondos e instituciones hasta encuentros más informales en cafés, rooftops y clubes, la ciudad entera se convirtió en un gran nodo de networking. Allí se tejieron muchas de las conversaciones que probablemente marcarán los próximos meses: alianzas, rondas de inversión, lanzamientos y proyectos que encontraron en la atmósfera del evento el impulso que necesitaban.

La participación china fue especialmente visible. Inversores, comunidades y emprendedores cruzaron la frontera para sumarse a una semana en la que Hong Kong brilló como punto de encuentro regional. Ese interés confirma que Asia, y en particular el mundo chino, seguirá teniendo un papel determinante en el desarrollo de Bitcoin y de DeFi.

La sorpresa del retail

Otro elemento destacado fue la fuerte presencia de retail investors. Jóvenes curiosos, traders independientes y entusiastas de la tecnología acudieron en masa, muchos de ellos buscando su primera exposición al ecosistema. Esa asistencia masiva mostró que el interés por Bitcoin no se limita a las grandes instituciones, sino que sigue latiendo con fuerza en la base de la pirámide.

El contraste fue revelador: en los escenarios, los ejecutivos hablaban de macroestrategias, regulación y adopción institucional; en los pasillos y eventos paralelos, retail investors preguntaban cómo empezar, qué herramientas utilizar o dónde custodiar sus activos. Esa convivencia refleja con claridad la fase de transición en la que se encuentra el sector: entre la sofisticación financiera y la curiosidad popular.

Bitcoin Asia 2025 dejó claro que Hong Kong no es solo un centro regulatorio y de innovación, sino también un puente. Un puente entre Este y Oeste, entre instituciones y retail, entre la infraestructura que se está construyendo y la adopción que ya se siente en la calle. Entre otros, hablamos con Emir Beriker, cofounder and CSO de Union Labs, y de la necesidad de tener interoperabilidad real y casos de uso reales.

Si algo quedó patente es que la liquidez dormida de Bitcoin es hoy el gran desafío: movilizarla de forma segura y eficiente será lo que determine la próxima fase del mercado. Y, al mismo tiempo, que el acercamiento institucional y regulatorio es ya imparable, aunque su ritmo sea gradual. Entre predicciones audaces como la de Eric Trump —Bitcoin a un millón— y la realidad de un sector cada vez más estructurado, Bitcoin Asia mostró que el futuro se construye aquí y ahora, en un cruce vibrante de intereses, culturas y visiones.


5 claves que nos deja Bitcoin Asia 2025

  1. La liquidez dormida de Bitcoin
    Más del 99% de BTC permanece “locked” en manos de instituciones, exchanges y tesorerías. El gran reto es movilizarlo para impulsar la próxima ola de crecimiento.
  2. El acercamiento institucional es ya un hecho
    De Nenter Chow (BitMart) a CZ (Binance), los ponentes coincidieron: la entrada de instituciones es esencial para dar estabilidad y profundidad al mercado.
  3. Regulación en Hong Kong: un sandbox para Asia
    El nuevo marco para stablecoins convierte a la ciudad en un laboratorio regulatorio que podría inspirar a China y a otros países de la región.
  4. La irrupción del retail
    La fuerte asistencia de retail investors demostró que la curiosidad ciudadana sigue siendo un motor clave de adopción, en paralelo al interés institucional.
  5. Predicciones audaces y clima de expectativas
    Eric Trump no solo denunció haber sido “debanked”; también afirmó que Bitcoin llegará a un millón de dólares, reflejando el clima de ambición y expectativas que rodea al activo.

 

Source: https://www.criptotendencias.com/criptoeventos/bitcoin-asia-2025-la-promesa-del-millon-de-dolares-a-la-urgencia-por-movilizar-el-capital-inactivo/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j