Andreessen Horowitz has raised $2.2 billion for its fifth dedicated crypto fund, bringing its total capital in this sector to nearly $9.8 billion.
The new vehicle, called Crypto Fund 5, matches the size of its 2021 fund but is smaller than the record $4.5 billion raised in 2022.
The firm says it is targeting founders who are turning blockchain infrastructure into everyday products. Key areas include stablecoins, perpetual futures, prediction markets, onchain lending, tokenized real-world assets, and AI agents.
Stablecoins were a central theme. a16z noted their use continues to grow through market downturns, with people using digital dollars for saving, cross-border transfers, and payments. The firm sees this as network adoption, not just speculation.
a16z crypto began its multicycle strategy in 2018 with its first dedicated fund. Past bets include major companies and protocols such as Coinbase, Solana, Uniswap, and Kalshi.