a16z crypto raises $2.2 billion for fifth fund

a16z crypto, the cryptocurrency and blockchain-focused venture capital arm of Andreessen Horowitz, has announced a new $2.2 billion fund. This vehicle represents the firm’s fifth dedicated crypto fund and brings its total capital raised to date to $9.8 billion. Alongside the fundraise, the firm promoted its chief technology officer, Eddy Lazzarin, to general partner, a senior investment decision-maker role, bringing the general partner investing team to four people. Lazzarin joins the existing general partner investing team, which consists of Chris Dixon, Ali Yahya, and Guy Wuollet. The firm’s portfolio includes companies such as cryptocurrency exchange Coinbase, Kalshi, and the Solana Foundation.

The fundraise arrives during a cooling period for the cryptocurrency market. On the same day as the announcement, portfolio company Coinbase announced it was laying off 14% of its workforce. According to data from crypto data and news site CoinGecko, March was the slowest trading-volume month across cryptocurrency exchanges since November 2023. Venture capital investing in crypto startups has also cooled. According to a report by DLNews, which cited data from crypto data site DefiLlama, venture capital investment in crypto startups landed at nearly $5 billion in the first quarter of 2026, down from closer to $6 billion in the year-ago quarter.

Despite the downturn, a16z crypto partners acknowledge the cyclical nature of the market. In a blog post, the partners noted that the market is currently in a quieter phase, but argued that technology built during a downturn typically proves more useful and durable than it appears during market extremes. A spokesperson for the firm told TechCrunch that the new fund will not be diverted by other sectors, promising it will be “dedicated 100% to crypto entrepreneurs.” This positioning contrasts with other venture firms that are expanding into artificial intelligence. For example, competitor firm Paradigm is reportedly working on raising a fresh $1.5 billion fund to expand its thesis into robotics and AI, according to a February report by The Wall Street Journal. Additionally, investor Katie Haun announced that her crypto-focused firm, Haun, has raised a new $1 billion fund, but is also looking for AI agent tech as it intersects with crypto, blockchain, and fintech.

Why it matters

The fundraise signals continued commitment to the crypto sector despite a cooling market and a broader VC shift toward AI startups.