Crypto venture capital firm Dragonfly Capital Partners is raising $500 million for a new fund, according to a new regulatory filing.

The Dragonfly Ventures III Feeder fund has a $500 million target and hasn’t accepted its first investment yet. Dragonfly indicated that it doesn’t expect the offering to remain open for more than one year.

If the raise is a success, Dragonfly will be the latest high-value fund to emerge in recent months. Paradigm smashed records with a $2.5 billion fund announced in November. Andreessen Horowitz is reportedly doubling down on its already-prodigious crypto war chest with a $4.5 billion target for a pair of new funds.

That main difference with Dragonfly’s effort: The crypto market is currently a sea of red. Will it be enough to spook prospective investors?

Dragonfly had not replied to a CoinDesk email by the time of publication.

Read more: MakerDAO’s Rune Christensen Joins VC Firm Dragonfly Capital

Launched in 2018 with $100 million in assets under management (AUM), Dragonfly is an investment firm focusing on cryptocurrencies, new protocols and startups.

Dragonfly has raised over $300 million across two funds. The most recent was the Dragonfly Ventures Fund II, which launched in late 2020 with a target of raising $200 million.

The Dragonfly portfolio includes the Avalanche blockchain, crypto exchange Bybit and blockchain interoperability project Cosmos. The venture capital firm recently joined the $150 million funding round for the Near blockchain.

According to one partner’s LinkedIn profile, the firm now has over $2 billion in AUM.