Andreessen Horowitz’s crypto arm is returning to the market with a fifth venture fund, even as the digital assets sector navigates a slower investment environment, Fortune reported.
Crypto A16z aims to raise $2 billion for the fund and hopes to close the process in the first half of 2026, Fortune said, citing unidentified sources.
The venture capital firm declined to comment on Fortune’s fundraising effort, and neither the company nor its public relations team in London responded to a request for confirmation from CoinDesk before publication.
The target is significantly lower than the firm’s fourth fund, which raised $4.5 billion in 2023 and remains one of the largest crypto-dedicated venture capital funds ever assembled. Still, it’s bigger than the $650 million Dragonfly Capital raised last month.
The reported size suggests a more cautious approach to deploying venture capital as crypto markets cool from the highs seen just last year. According to Haseeb Qureshi, the firm’s managing partner, Dragonfly’s was one of the industry’s largest raises at a time when many blockchain-focused venture capital firms are struggling.
Led by general partner Chris Dixon, a16z crypto has been one of the most influential investors in the digital assets sector, backing projects such as decentralized exchange Uniswap, digital assets platform Anchorage Digital, and Jito Network, a core infrastructure protocol. Since its first $300 million crypto fund in 2018, the company has played a major role in introducing institutional venture capital to blockchain startups.
In an X article last month, Dixon said he sees crypto as entering what he describes as its “financial era,” where blockchain-based financial applications could serve as the basis for broader decentralized internet services.
