The Dragonfly Capital Founder Feud Erupts: Haseeb Qureshi vs. Alexander Pack Clash Over Firm’s Origins
- How the Dragonfly Capital Feud Started
- Who Actually Founded Dragonfly Capital?
- The $100M Question: What Was Dragonfly in 2018?
- Why Branding Became the Battlefield
- Where Dragonfly Stands in 2026
- FAQs: The Dragonfly Capital Controversy
The crypto investment world is buzzing as Dragonfly Capital’s co-founders, Haseeb Qureshi and Alexander Pack, engage in a heated public spat over who truly founded the firm. The dispute erupted after Qureshi shared a 13-lesson guide on building a successful VC firm, claiming he built Dragonfly "from scratch." Pack fired back, alleging Qureshi joined an already-established firm with a $100M fund. The clash reveals deeper tensions about branding, credit, and the messy realities of crypto VC lore.
How the Dragonfly Capital Feud Started
It all began when Haseeb Qureshi, Dragonfly’s managing partner, posted a viral Twitter thread on February 25, 2026, titled "How to Start a VC Firm: 13 Brutal Lessons." In it, he described joining forces with Bo Feng in 2018 to build Dragonfly Capital during crypto’s "nuclear winter," employing a "fake it till you make it" strategy. "We had no brand, no track record—just hustle," Qureshi wrote. But Alexander Pack, an early Dragonfly partner, swiftly countered: "You didn’t start a VC firm, Haseeb. Dragonfly existed over a year before you arrived."
Who Actually Founded Dragonfly Capital?
Pack pointed to a 2018 Forbes article naming him and Bo Feng as co-founders, noting they’d already secured $100M for crypto fund-of-funds investments when Qureshi was hired. "The legal entity, initial LPs, and first deals were done before Haseeb wrote his first Dragonfly Research post," Pack asserted. Qureshi conceded the fund was announced earlier but argued it wasn’t fully capitalized until he revamped Dragonfly’s strategy: "I pivoted us from fund-of-funds to direct investments—that’s when we became what people recognize today."
The $100M Question: What Was Dragonfly in 2018?
Public records show Dragonfly registered in Delaware in early 2018 with Pack and Feng as managing members. But as Qureshi notes, "Announcing a fund isn’t the same as having deployable capital." Industry insiders suggest both narratives hold truth—Pack and Feng laid legal groundwork, while Qureshi’s research-driven approach (repurposing his personal blog as "Dragonfly Research") gave the firm its market identity. "Their first major wins like the NEAR Protocol investment came under Haseeb’s playbook," noted a rival VC who requested anonymity.
Why Branding Became the Battlefield
Qureshi’s lessons emphasize VC as a "media business," citing a16z’s model. This focus on narrative-building backfired when Pack felt his contributions were erased. "Dragonfly Research started as Haseeb’s speculative blog posts—‘Wouldn’t it be crazy if...’—but became institutionalized," said a former employee. Today, it produces data-heavy reports like theand, staffed by 45 employees across three continents.
Where Dragonfly Stands in 2026
Despite the drama, Dragonfly’s latest $650M Fund IV (launched January 2026) shows institutional confidence, bringing assets under management to $4B. The firm now competes with giants like Paradigm, though its research-centric edge remains. As for the founders’ feud? "This is crypto VC’s version of the Winklevoss-Zuckerberg saga," quipped a BTCC analyst. "Except here, both sides keep fighting on Twitter instead of settling."
FAQs: The Dragonfly Capital Controversy
What triggered the Dragonfly Capital founders' dispute?
The conflict began when Haseeb Qureshi published a guide on founding a VC firm, implying he built Dragonfly from nothing. Alexander Pack disputed this, citing his earlier co-founding role.
Did Dragonfly Capital exist before Haseeb Qureshi joined?
Yes—legal documents and a 2018 Forbes article confirm Pack and Bo Feng established Dragonfly with a $100M fund before Qureshi’s involvement.
How did Qureshi change Dragonfly’s strategy?
He shifted focus from fund-of-funds to direct investments and institutionalized Dragonfly Research, originally just his personal blog’s thought experiments.
What’s Dragonfly’s current status in 2026?
The firm manages $4B, including its new $650M Fund IV, and remains a major player in crypto VC with a strong research division.
