The crypto arm of Andreessen Horowitz has raised $2.2 billion for its fifth fund focused on backing digital asset projects.
In a blog post, a16z Crypto said its new Crypto Fund 5 will support founders building real-world applications on emerging infrastructure, with a focus on areas such as stablecoins, perpetual futures, prediction markets, and tokenized assets.
General partners Eddy Lazzarin, Guy Wuollet, Ali Yahya, along with founder and managing partner Chris Dixon, noted that software systems are becoming increasingly complex and harder to trust. They argued that as internet infrastructure grows more centralized, the core benefits of crypto networks—such as transparency and decentralization—become even more valuable.
The new fund follows closely behind a $1 billion raise by Haun Ventures focused on crypto and artificial intelligence, underscoring continued investor appetite for the sector despite the broader dominance of AI in venture funding.
Artificial intelligence firms drew a record $242 billion in venture funding in the first quarter of 2026, according to an April report from Crunchbase, accounting for roughly 80% of the $300 billion raised globally during the period.
Despite the surge in AI investment, Andreessen Horowitz’s Crypto Fund 5 is smaller than its predecessor—the $4.5 billion fund launched in May 2022, shortly before the collapse of the Terra ecosystem triggered a wave of industry failures and tighter regulation.
A16z described the current market as one of the quieter phases of the crypto cycle, focusing on identifying products that retain user demand even after hype subsides. The firm highlighted continued growth in stablecoin usage, along with increasing activity in perpetual futures and prediction markets.
It also pointed to a broader shift as traditional financial assets begin moving onchain, with blockchain-based finance expanding beyond native tokens. “A new financial system is emerging—one that operates continuously, settles almost instantly, carries minimal costs, and remains accessible to anyone with an internet connection,” the firm noted.
Finally, a16z said crypto has been supported by a US regulatory environment that is “moving in the right direction,” citing growing backing from lawmakers and White House officials. It pointed to the proposed GENIUS Act as an example of constructive policymaking, and expects further regulatory progress through upcoming legislation and rulemaking.
