The biggest name in crypto venture capital closed another mammoth fundraise. The digital assets arm of Andreessen Horowitz, which goes by a16z crypto, announced Tuesday morning that it’s drummed up $2.2 billion for its fifth venture fund. The firm also announced it has promoted its CTO Eddy Lazzarin to general partner.
Andreessen Horowitz is one of the earliest marquee VC firms to bet big on crypto. Led by managing partner Chris Dixon, the venture giant’s crypto arm raised its first fund of $350 million in 2018. Dixon has since built a crypto goliath, raising four subsequent funds to bring the amount of capital it has accumulated to $9.8 billion. That total includes the $4.5 billion a16z crypto raised for its fourth vehicle in 2022.
Many of a16z crypto’s early bets were tied to Dixon’s thesis, set out in his book Read Write Own, that blockchains would spur the rise of a decentralized version of the internet. Many of the firm’s most successful investments, though, proved to be centered around financial infrastructure and exchanges, including the crypto custodian Anchorage Digital, the decentralized exchange Uniswap, and the prediction market Kalshi.
“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,” Dixon, along with a16z crypto’s general partners, wrote in a blog post announcing its fifth fund.
A spokesperson for a16z crypto declined to say whether the venture firm has already deployed any capital from its fifth fund.
Staying the course
The recent raise from a16z crypto comes amid a slumping crypto market, where prices for marquee tokens like Bitcoin and Ethereum continue to tread water around 40% or more below their all-time highs in 2025. Still, the top crypto investors have been able to drum up capital.
In February, Dragonfly Capital announced that it raised $650 million for its fourth fund. The crypto investor Paradigm is also looking to raise as much as $1.5 billion for its latest fund, which will not only focus on crypto but also AI and robotics, according to the Wall Street Journal.
And, on Monday, Haun Ventures, led by former a16z crypto general partner Katie Haun, announced that it’s raised $1 billion to invest in crypto but also startups that blend financial infrastructure with AI and alternative assets.
When asked whether a16z crypto would be following suit and expanding to AI, a spokesperson for the venture investor said: “Fund 5 is 100% dedicated to investing in crypto entrepreneurs.”
Correction, May 5, 2026: A previous version of this piece mistakenly said a16z crypto’s first fund was $300 million.
