Andreessen Horowitz Raises $2.2 Billion for Fifth Crypto Fund Amid Market Downturn

Venture capital firm Andreessen Horowitz has raised $2.2 billion for its fifth crypto fund, targeting startups building practical applications on blockchain infrastructure. The announcement highlights a focus on areas like stablecoins, payments, and decentralized systems, even as the broader crypto market remains below peak levels.

Multiple sources confirm the fund's dedication to crypto, with no expansion into AI. The new fund, dubbed Crypto Fund 5, will deploy capital over the next decade, supporting entrepreneurs at all stages. This follows the firm's previous $4.5 billion fund raised in 2022, bringing total crypto capital to $9.8 billion.

Partners at the firm noted that current market conditions present opportunities for durable projects.

Monday, Haun Ventures, led by former Andreessen Horowitz general partner Katie Haun, announced a $1 billion raise across new funds. The capital will back crypto and blockchain startups, with emphasis on alternative assets, the agentic economy, and financial services.

Haun Ventures plans to deploy the funds globally over two to three years. This raise adds to Haun Ventures' assets under management, estimated at over $2 billion. Investments include entities like Erebor Bank and Ellipsis Labs. The firm continues its thesis of supporting crypto innovation, blending it with AI and alternative assets.

The fundraising occurs amid a slumping crypto market, where Bitcoin and Ethereum prices are 40% or more below their 2025 highs. Despite this, other firms like Dragonfly Capital raised $650 million in February for its fourth fund. Paradigm is reportedly seeking up to $1.5 billion for a fund spanning crypto, AI, and robotics.

Andreessen Horowitz's partners described crypto fundamentals as at an all-time high, pointing to growth in stablecoins, which reached a $320 billion market cap. They highlighted advantages over legacy systems, which are seen as slow and expensive. The firm also promoted CTO Eddy Lazzarin to general partner alongside the fund announcement.

“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.”

Horowitz's crypto arm, led by managing partner Chris Dixon, began with a $300 million fund in 2018. Successful investments include Anchorage Digital, Uniswap, and Kalshi, often tied to financial infrastructure. Dixon's thesis, outlined in his book Read Write Own, envisions blockchains enabling a decentralized internet.

The firm sees potential in perpetual futures, blockchain-based lending, prediction markets, and tokenized assets. A spokesperson confirmed that the fifth fund is fully dedicated to crypto entrepreneurs, with no details on initial deployments. Other areas of interest include stablecoins for cross-border payments and savings.

The partners' blog post emphasized that crypto's role as a financial layer for AI systems is increasingly valuable amid growing software complexity.

Venture capital is adapting to an AI-driven shift, with generalist investors redirecting funds. However, crypto-focused raises like these indicate sustained interest. CoinDesk reported that while sentiment is low, underlying activity remains strong.

Fortune noted Andreessen Horowitz as an early marquee VC in crypto, building a significant presence. The raises by Haun Ventures and others suggest a gap between market hype and fundamentals. TechCrunch detailed Haun's departure from Andreessen Horowitz in 2021 and her firm's focus on early and later-stage startups.

Bloomberg reported the spread of capital across global investments.

These funds reflect confidence in crypto's long-term value despite current downturns. Sources agree on the emphasis on practical, user-facing products over speculative hype. The promotions and new vehicles underscore ongoing commitment to the sector.