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A16z closes $2.2B
Andreessen Horowitz’s crypto arm, a16z crypto, has closed a $2.2 billion fifth fund focused on stablecoins, perpetual futures, prediction markets and tokenized assets. The firm said it announced Crypto Fund 5 on Tuesday in a blog post and confirmed the size to The Block, Fortune and TechCrunch. Communications partner Paul Cafiero said the smaller target was deliberate, telling The Block, "Shorter fundraising cycles allow us to keep pace with ever-changing crypto trends." 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.
“has closed a $2.2 billion fifth fund focused on stablecoins, perpetual futures, prediction markets and tokenized assets”
Quieter cycle, policy
In its blog post, a16z crypto described the current market phase as a quieter moment in the cycle, arguing that stablecoin usage has kept climbing through downturns while activity in perpetual futures and prediction markets has increased. CoinDesk quoted the partners saying, "We're at one of those quieter moments now. And the signal coming through is one of the most encouraging it has been in years," and it also reported that the fund will invest over the next decade. The firm pointed to improving U.S. regulation by citing progress on the GENIUS Act, and it said it expects further policy clarity to support crypto growth. CoinDesk also quoted a16z’s blog on why the infrastructure matters, writing, "Software is getting more complex and harder to trust. AI systems are powerful and largely opaque."
What the fund targets
a16z crypto said Crypto Fund 5 will be "100% dedicated to investing in crypto entrepreneurs" and will support founders building products tied to stablecoins, perpetual futures, prediction markets, and tokenized assets. The fund’s total crypto capital now stands at $9.8 billion across five funds since 2018, and it is less than half the size of the firm’s record $4.5 billion fourth fund raised in May 2022. CoinDesk said the fund is chasing stablecoins, DeFi, and the builders “no one is watching,” while also describing a16z’s view that crypto fundamentals are at an "all-time high" despite subdued market sentiment. In parallel, the sources say Haun Ventures wrapped a $1 billion fund on Monday split between crypto and AI agents, and Dragonfly closed a $650 million fund in February.
“"100% dedicated to investing in crypto entrepreneurs."”
