Andreessen Horowitz’s crypto arm, A16z Crypto, has raised $2.2 billion for its fifth dedicated crypto fund — a large raise by venture standards, but a notably smaller one for the firm.
Its previous fund, announced in 2022, pulled in $4.5 billion, then the largest individual crypto fund ever raised.
That vehicle arrived amid the collapse of TerraUSD, which wiped out tens of billions in value almost overnight, and just months before the implosion of FTX.
A more disciplined pitch
The new fund will be led by managing partner Chris Dixon alongside general partners Ali Yahya, Guy Wuollet, and Eddy Lazzarin, the firm’s CTO, who is being promoted to general partner.
In a blog post shared ahead of the announcement, the partners pointed to stablecoins, tokenization, perpetual futures, prediction markets, and AI agents as crypto’s most promising investment areas.
The partners wrote:
“The founders we’re backing with this $2.2 billion fund are working on the part of the cycle that gets less attention and produces more of the lasting value: turning new infrastructure into products people use every day.”
Infrastructure over speculation
The firm’s thesis centers on crypto products that have found real markets rather than speculative narratives.
Stablecoins are increasingly used for cross-border payments, dollar savings, and settlement.
On the capital markets side, perpetual futures are emerging as a new venue for price discovery, while tokenization has become one of the few crypto innovations Wall Street has been willing to embrace.
The regulatory backdrop has also shifted considerably since 2022, with the industry now operating under the GENIUS Act, the first major federal stablecoin law.
Competition heating up
The fundraise comes as competition among crypto’s top investors intensifies.
Katie Haun, a former Andreessen Horowitz general partner, announced $1 billion for new funds focused on crypto and AI agents — underscoring how the industry’s leading investors are converging on the same themes.
