Andreessen Horowitz’s crypto arm is back in the market, seeking about $2 billion for its fifth dedicated blockchain fund even as venture capital flows into digital assets remain far below their 2021–2022 peak. The effort reinforces a16z crypto’s role as the largest specialist allocator in the sector and comes at a moment when many peers are broadening mandates to include artificial intelligence and other deep-tech themes.
a16z crypto returns to fundraising
Andreessen Horowitz’s blockchain-focused division, known as a16z crypto, is currently raising a new fund that sources describe as targeting around $2 billion in commitments, with a planned close by the end of the first half of 2026.
If it reaches target, the new fund would follow four dedicated a16z crypto vehicles that have together raised at least $7.6 billion, including a $4.5 billion fund launched in 2022. That 2022 structure, branded “Crypto Fund 4,” allocated $1.5 billion to seed-stage deals and $3 billion to venture-stage investments and is understood to still have capital to deploy.
Dedicated blockchain focus amid diversification by peers
The fifth fund is expected to focus exclusively on blockchain and crypto-related opportunities rather than mixing those investments with AI or robotics. That stance contrasts with firms such as Paradigm, which is reportedly raising up to $1.5 billion for a vehicle spanning crypto, AI and robotics, reflecting a broader diversification trend among digital asset investors.
Haun Ventures, founded by former a16z general partner Katie Haun, has also been in the market for roughly $1 billion across two new funds that continue to target web3 and digital asset projects. At the same time, other managers are stepping back from a sole focus on crypto: Multicoin Capital co-founder Kyle Samani said in February that he was leaving day-to-day responsibilities at the firm to focus on other technology areas.
Andreessen Horowitz’s crypto investment arm, a16z crypto, is back in the market raising capital. The firm is working on its fifth dedicated fund, multiple sources told Fortune, requesting anonymity because the discussions are private.
Strategy, portfolio and firm-wide context
A16z crypto’s existing portfolio includes infrastructure and financial projects such as Anchorage, decentralized exchange protocol Uniswap and prediction market platform Kalshi. More recent deals highlighted in reporting include investments in Babylon, a protocol that allows users to collateralize Bitcoin holdings; prediction-market integration layer Kairos; and a $50 million round for Solana staking protocol Jito.
The crypto arm operates within a much larger a16z platform. In January 2026, co-founder Ben Horowitz said the firm had raised over $15 billion across several new funds spanning “American Dynamism,” applications, bio and health, infrastructure and growth-stage strategies, an amount he wrote represented more than 18% of all US venture capital dollars allocated in 2025.
Crypto venture environment and deal flow
The push for a new dedicated crypto vehicle comes during a subdued period for sector fundraising and deal activity. Crypto-focused venture funds raised more than $86 billion across 329 vehicles in 2022, before volumes fell to $11.2 billion in 2023 and $7.95 billion in 2024.
In the first quarter of 2026, there had been 97 recorded venture investments in crypto as of early March, compared with 427 in the same quarter of 2025 and 724 in the first quarter of 2024. These figures form part of ongoing web3 fundraising updates that track the changing pace of venture investment in blockchain startups.
Implications for founders and investors
For founders, a16z’s decision to raise another dedicated blockchain fund signals that at least one of the largest global venture platforms intends to keep ring-fencing significant capital for crypto despite a multi-year downturn in sector fundraising. In a thinner market with fewer active specialist funds, a16z’s capital base may give it greater influence over pricing and terms in later-stage financings, particularly for scarce, more mature projects.
For limited partners, the planned $2 billion vehicle offers concentrated exposure to a manager with a long track record in digital assets but further increases their aggregate commitments to a single venture franchise. In the broader venture landscape, developments across different sectors, including news such as Eight Sleep Raises $1.5 B valuation in recent funding activity, continue to shape how investors evaluate emerging technology opportunities.
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