a16z seeks to raise a $2 billion crypto fund

Venture capital firm Andreessen Horowitz (a16z) is pushing ahead with the formation of its fifth crypto-focused fund.

According to The Block on the 4th (local time), a16z is raising capital with the aim of launching a new crypto investment fund of about $2 billion. The fund is expected to become the firm’s fifth crypto-dedicated vehicle. a16z is targeting completion of the fundraise by the end of the first quarter of 2026.

a16z is regarded as one of the most influential venture investors in the digital-asset investment market. It made an early investment in Coinbase in 2013, marking its full-fledged entry into the sector.

It then launched its first crypto-focused fund in 2018, a $300 million vehicle, and has raised about $7.6 billion to date across a total of four crypto funds.

In particular, in 2022 it raised $4.5 billion through “Crypto Fund 4.” At the time, the fund consisted of $1.5 billion earmarked for early-stage investments and $3.0 billion for venture investments.

The latest fundraising push comes as crypto venture investing has cooled. The Block Pro data show that in 2022, crypto-related venture funds raised more than $86 billion across 329 funds, but the total shrank sharply to $11.2 billion in 2023 and $7.95 billion in 2024.

Deal activity is also declining. As of the first quarter of 2026, there were 97 crypto-related venture investment transactions, down sharply from 427 in the same period of 2025 and 724 in the first quarter of 2024.

Meanwhile, a16z said in January that it raised a total of $15 billion through several new funds, including strategies spanning biotech, infrastructure and “American Dynamism.” That figure is equivalent to about 18% of total US venture capital funding in 2025.