Andreessen Horowitz’s cryptocurrency arm is back on the market with a fifth venture fund despite a slowdown in the investment climate for the digital asset industry, Fortune reports.
Fortune magazine, citing unnamed sources, said A16z crypto aims to raise $2 billion for the fund and hopes to complete the process in the first half of 2026.
The venture capital firm declined to comment on Fortune’s fundraising, and neither the company nor its London PR team responded to CoinDesk’s request for confirmation ahead of publication.
The target is significantly lower than the firm’s fourth fund, which raised $4.5 billion in 2023 and remains one of the largest dedicated cryptocurrency venture funds ever. Still, it’s more than the $650 million Dragonfly Capital raised last month.
The size of the report suggests a more cautious approach to venture capital deployment as the cryptocurrency market cools from last year’s highs. Dragonfly’s managing partner Haseeb Qureshi said Dragonfly’s financing is one of the largest in the industry at a time when many blockchain-focused venture capital firms are struggling.
Led by General Partner Chris Dixon, a16z crypto has been one of the most influential investors in the digital asset space, supporting projects such as decentralized exchange Uniswap, digital asset platform Anchorage Digital, and core infrastructure protocol Jito Network. Since setting up its first $300 million cryptocurrency fund in 2018, the firm has played an important role in bringing institutional venture capital into blockchain startups.
Dixon said in an X post last month that he believed cryptocurrencies were entering what he described as a “financial era,” in which blockchain-based financial applications could serve as the basis for broader decentralized internet services.