Capital Rewrites The Stack: Crypto Infrastructure, Onchain Credit And Frontier AI

Key deals of February 16 - February 20, 2026

Dragonfly Capital: From Token Cycles to Financial Rails

Dragonfly Capital closed a $650M fourth fund and the target isn’t the next consumer token wave. The firm is explicitly pivoting toward tokenized real-world assets, payments infrastructure, stablecoin systems and financial products built on blockchain rails, including credit-card-like services and on-chain money market structures. General partner Tom Schmidt said “This is the biggest meta shift I can feel in my entire time in the industry,” while Rob Hadick framed the broader backdrop as a “mass extinction event” for crypto VC: higher rates, compressed token prices, and a thinned investor base. Dragonfly previously raised ~$100M in 2018, ~$225M in 2021, and $650M in 2022. Matching that 2022 peak in the current environment signals something important: venture capital hasn’t disappeared, it has consolidated around infrastructure that connects crypto directly to traditional finance rather than theoretical consumer applications.

DBA: Doubling Down on Core Crypto Infrastructure

DBA has closed a $68M second fund, following its $50M debut vehicle in 2023, reinforcing a focused bet on blockchain infrastructure and application-layer systems. The New York-based firm, led by former Galaxy Digital co-head of investments Michael Jordan and Ethereum commentator Jon Charbonneau, runs both funds as 10-year closed-end structures investing across private and public markets. DBA typically leads early-stage rounds while maintaining exposure across stages, backing base-layer projects like DoubleZero and Monad, Bitcoin scaling efforts from Alpen Labs, stablecoin application Payy and ICO platform MetaDAO. The firm has also disclosed material fund and personal positions in the HYPE token. Rather than narrowing scope, DBA is concentrating capital into core market primitives: decentralized exchanges, prediction markets, capital formation rails, and impact markets, positioning Fund II to compound through infrastructure ownership across multiple crypto cycles.

Newity: Small Business Credit Goes Onchain

Newity raised $11 million in fresh capital, its first external funding since launching in 2020 and the focus is: take small business lending fully digital and push it onchain. The round was led by CMT Digital, with participation from private and institutional investors. Structured as a SAFE, it opened in late 2024 and closed in December 2025. Valuation wasn’t disclosed. Founded by David Cody and Luke LaHaie during the PPP wave, Newity originally helped businesses navigate relief loans before pivoting in 2021 to SBA 7(a) support and its own Growth Term Loans. It doesn’t originate loans directly. Instead, it operates as a lending service provider, partnering with banks, including Northeast Bank, that handle approvals and origination.Since launch, Newity says it has processed more than $12 billion in financing for over 125,000 small businesses. The average loan size is about $118,800, with maximums up to $350,000. Newity’s AI-first underwriting system analyzes hundreds of data points: credit, identity, tax transcripts, to deliver a prequalified estimate in under 10 minutes. Funding can arrive in as little as 21 days. Now the bigger move: bringing loans onchain. Anthropic: $30B and the Enterprise AI Consolidation

Anthropic closed a $30 billion Series G at a $380 billion post-money valuation: the largest venture round of 2026 so far and the second-largest private tech raise globally behind OpenAI’s $40 billion financing in 2025. Since launching in 2021, Anthropic has now raised nearly $64 billion.The round was led by GIC and Coatue, with co-leads including D.E. Shaw Ventures, Dragoneer Investment Group, Founders Fund, Iconiq Capital and MGX. Microsoft and Nvidia also participated. Run-rate revenue now exceeds $14 billion, up more than 10x over three years, driven primarily by enterprise adoption. Eight of the Fortune 10 use Claude, and the number of customers spending over $1 million annually has grown from 12 two years ago to more than 500 today. Claude Code alone has surpassed $2.5 billion in run-rate revenue, doubled since early 2026 and is estimated to author roughly 4% of all public GitHub commits worldwide. The capital will fund frontier model research, product expansion, and infrastructure. Claude runs across AWS, Google Cloud and Azure, leveraging Trainium, TPUs and Nvidia GPUs, a multi-cloud, multi-chip strategy designed for scale and resilience. The scale of the raise underscores the economics of frontier AI: massive compute spend, rapid enterprise monetization and an arms race at the top end of the model stack.

Capital is consolidating around infrastructure, not narratives.