Crypto Powerhouse A16z Raises $2.2 Billion For Fifth Fund

Andreessen Horowitz’s crypto arm, A16z Crypto, has raised $2.2 billion for its fifth dedicated crypto fund, another large wager on an industry still nursing the hangover from its last boom but now armed with a more mature pitch: less speculative frenzy, more financial infrastructure.

The fund will be led by managing partner Chris Dixon and general partners Ali Yahya, Guy Wuollet and Eddy Lazzarin, A16z Crypto’s CTO, whom the firm is promoting to general partner. In a blog post shared with Forbes ahead of the announcement, the partners pointed to stablecoins, tokenization, perpetual futures, prediction markets and AI agents as crypto’s most promising areas for investment.

“Software is getting more complex and harder to trust. AI systems are powerful and largely opaque. The infrastructure the internet runs on is more consolidated than ever. In that environment, the properties that crypto networks were designed to provide become more valuable, not less,” the partners wrote.

It is a large fund by almost any venture standard, but a smaller one for A16z Crypto. Its previous fund, announced in 2022, raised $4.5 billion, then the largest individual crypto fund ever raised. But it arrived amid the collapse of TerraUSD, which wiped out tens of billions in value almost overnight, and just months before the implosion of FTX and a sweeping regulatory crackdown that reshaped the U.S. crypto market.

This time, the firm is not promising a Web3 revolution so much as arguing that a handful of crypto products are finally finding real markets–though prices remain below their pre-October 2025 levels after a brutal selloff that wiped out more than $19 billion in leveraged positions and sent many tokens sharply lower.

“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,” the partners wrote.

The strongest example is stablecoins, which are increasingly used for cross-border payments, dollar savings and settlement. A16z Crypto is also pointing to capital markets, where blockchains have found more serious traction. Perpetual futures are becoming a new venue for price discovery, prediction markets have pushed into the mainstream and tokenization has become one of the few crypto novelties Wall Street has been willing to embrace.

Finally, the regulatory landscape is vastly different. In 2022, the firm’s sunny Web3 thesis ran straight into a market unraveling, a wave of enforcement actions and deep skepticism in Washington. Now crypto is enjoying its friendliest reception yet, and the industry has its first major federal rulebook in the GENIUS Act, the stablecoin law signed last year.

The fundraise comes amid renewed competition among crypto’s best-known investors. Katie Haun, a former Andreessen Horowitz general partner, announced $1 billion for new funds on Monday focused on crypto with an expansion into AI agents, underscoring how some of the industry’s top investors are repositioning around the same themes.