A Tale of Two Founders: Who Truly Wields the Quill at Dragonfly?

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Pray tell, dear reader, what could be more diverting than a public spat between gentlemen of the venture capital persuasion? The recent fracas between Messrs. Qureshi and Pack of Dragonfly Capital has provided no shortage of amusement for those of us with a penchant for high society’s quarrels.

“Bo and I, with all the propriety due to founders, established Dragonfly a full year before Mr. Qureshi deigned to join us. The firm was scarcely in its infancy, having already secured several advantageous alliances,” declared Mr. Pack, now the esteemed head of Hack VC, with a tone that suggested he found Mr. Qureshi’s claims as palatable as a spoiled custard.

He proceeded to enumerate their early conquests, including Bybit, Amber Group, and Crusoe, as evidence of Dragonfly’s vigor before Mr. Qureshi’s arrival, a detail one might imagine he finds particularly galling.

Mr. Qureshi’s Retort: ‘A Fund of Funds, Indeed!’

Not one to suffer slights in silence, Mr. Qureshi issued a rejoinder that could only be described as both spirited and unyielding. He contested Mr. Pack’s narrative with the fervor of a man defending his honor at cards.

“Pray, Mr. Pack, do not make a spectacle of yourself. Dragonfly had not led a single deal before my arrival. It was, in truth, a mere fund of funds,” Mr. Qureshi retorted, his words dripping with the sort of disdain one might reserve for a poorly brewed cup of tea.

He further revealed that his first act upon joining was to insist upon the cessation of such investments, a proposal Mr. Pack allegedly opposed with the stubbornness of a mule. Mr. Qureshi, once a man of the gaming tables, has since become the very visage of Dragonfly, thanks to his exploits on the Chopping Block podcast and his witty missives on Crypto Twitter.

What Fortune’s Chronicles Reveal

A recent exposé by Fortune, that arbiter of financial gossip, lends credence to certain aspects of this tangled tale. Dragonfly, it seems, was founded in 2018 by Messrs. Pack and Feng, with a modest purse of $100 million, backed by the wealthiest of Asian patrons. Mr. Qureshi joined their ranks in 2019, and Mr. Pack departed the following year in circumstances that have since become the stuff of legend in crypto circles.

Fortune portrays the split as “a drama fit for the annals of crypto VC lore.” Mr. Qureshi, with a flourish, declared that Mr. Feng “handed him the reins,” an event he grandly terms “the birth of modern Dragonfly.”

The Ton Takes Sides

The exchange ignited a flurry of commentary on X, with the crypto community dividing into camps with the fervor of ladies choosing sides at a ball. Some championed Mr. Pack, asserting that “all who hold consequence in the crypto venture capital sphere were well aware that the Bo connection was Mr. Pack’s doing alone.”

Mr. Anndy Lian, ever the diplomat, chose to remain above the fray, acknowledging Mr. Qureshi’s “eight to nine years of industrious toil” without committing to either party’s version of events.

I shall not trouble myself with the question of who laid the first brick.

But the last 8-9 years of your exertions are a testament to your dedication.

Well done.

– Anndy Lian (@anndylian) February 26, 2026

The Stakes for Dragonfly’s $650 Million Fund

This quarrel, dear reader, is more than a mere squabble over precedence. Dragonfly Capital Partners now stewards a formidable $4 billion, and in a climate where active US firms have dwindled by over 25% since 2021, the trust of limited partners hinges on the accurate attribution of past triumphs.

How Dragonfly’s early history is recounted may well face scrutiny from institutional investors, who must decide whether to favor this firm over rivals such as Pantera Capital and Paradigm. One can only imagine the whispers in drawing rooms as this drama unfolds.

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2026-02-26 14:21