The crypto arm of Andreessen Horowitz has closed a $2.2 billion fifth fund focused on stablecoins, perpetual futures, prediction markets and tokenized assets.
A16z Crypto Fund 5 Details
The firm, known as a16z crypto, announced Crypto Fund 5 on Tuesday in a blog post and confirmed the size to The Block, Fortune and TechCrunch.
The new vehicle is less than half the size of the firm's record $4.5 billion fourth fund, raised in May 2022.
According to communications partner Paul Cafiero, the smaller target was deliberate.
"Shorter fundraising cycles allow us to keep pace with ever-changing crypto trends," Cafiero told The Block.
A16z crypto also promoted chief technology officer Eddy Lazzarin to general partner, joining founder Chris Dixon, Ali Yahya and Guy Wuollet on the investing team.
The firm's total crypto capital now stands at $9.8 billion across five funds since 2018.
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Why The Timing Matters
The raise lands in a weak market. Crypto venture funding fell 74% in April to $662 million across 64 rounds, the lowest monthly total since May 2025, according to CryptoRank data cited by The Defiant.
Several rivals are also raising, but most are widening their scope.
Haun Ventures, run by former a16z partner Katie Haun, wrapped a $1 billion fund on Monday split between crypto and AI agents.
Paradigm is reportedly seeking up to $1.5 billion to expand into AI and robotics, while Dragonfly closed a $650 million fund in February. By contrast, a16z said Fund 5 will stay "100% dedicated to investing in crypto entrepreneurs."
Dixon and his partners argued in their post that crypto sits in a quieter phase of the cycle, and that stablecoin usage has kept climbing through downturns. They cited the GENIUS Act as evidence regulation is moving in a constructive direction for builders.
A16z Crypto Recent History
Fund 4 launched just weeks before the Terra blockchain collapsed in May 2022, triggering a string of failures across Celsius, Three Arrows Capital and FTX. The firm spent years working through that vintage. Earlier portfolio bets such as Coinbase (COIN), Solana (SOL), Uniswap (UNI) and Phantom remain among its best-known names.
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