A16z Crypto Raises $2.2 Billion for Fifth Dedicated Crypto Fund

Andreessen Horowitz’s crypto arm, A16z Crypto, has raised $2.2 billion for its fifth dedicated crypto fund. The fund will be led by managing partner Chris Dixon and general partners Ali Yahya, Guy Wuollet and Eddy Lazzarin, who was promoted to general partner from chief technology officer.

In a blog post shared with Forbes, the partners highlighted stablecoins, tokenization, perpetual futures, prediction markets and AI agents as the most promising areas for investment. “Software is getting more complex and harder to trust. AI systems are powerful and largely opaque.

The infrastructure the internet runs on is more consolidated than ever. In that environment, the properties that crypto networks were designed to provide become more valuable, not less,” the partners wrote. The $2.2 billion fund is large by most venture capital standards but smaller than A16z Crypto’s previous fund, which raised $4.5 billion in 2022.

That fund was announced during the collapse of TerraUSD, which erased tens of billions in value, and months before the failure of FTX and subsequent regulatory actions that altered the U.S. crypto market.

The firm is now emphasizing areas of crypto that are seeing real adoption rather than broad speculative narratives. “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,” the partners wrote.

Stablecoins have gained traction for cross-border payments, dollar savings and settlement. Blockchains have seen increased use in capital markets, with perpetual futures serving as venues for price discovery, prediction markets entering mainstream use and tokenization attracting interest from traditional finance firms.