The new fund will focus on founders building practical products on top of existing blockchain infrastructure.
Crypto News
Andreessen Horowitz (a16z) announced on May 5 that it has closed its fifth dedicated crypto fund at $2.2 billion. The vehicle, called Crypto Fund 5, brings the firm's total crypto capital under management to nearly $9.8 billion. Capital will be deployed over the next decade, targeting founders at all stages of development.
The firm's crypto arm has previously backed Coinbase, Solana (SOL), prediction market platform Kalshi, and decentralized exchange Uniswap (UNI). The new fund will focus on founders building practical products on top of existing blockchain infrastructure. Priority areas include stablecoins, payments, financial services, decentralized systems, perpetual futures, lending, prediction markets, and tokenized assets.
Stablecoins represent a particular focus. The digital dollar market recently crossed $320 billion in total market cap, and a16z noted that stablecoin adoption has continued growing through market downturns. Users are relying on the technology for savings, cross-border transfers, and everyday purchases, the firm said. It described legacy payment alternatives as slow, expensive, and unreliable by comparison.
Fund Size Reflects Deliberate Strategy
Crypto Fund 5 is roughly half the size of a16z's fourth crypto fund, which raised $4.5 billion in 2022. It matches the size of the firm's third fund from 2021. The firm's crypto fundraising began with $350 million in 2018, followed by $515 million in 2020. A company spokesperson said the team believes crypto fundamentals are at an all-time high despite subdued market sentiment.
A16z's partners described the current period as a quieter moment in the cycle, one they see as better suited for identifying durable projects than peak-hype periods. The firm also cited crypto's growing role as a financial and coordination layer for AI systems, as generalist investors redirect capital toward AI startups.
Other crypto-focused venture firms have recently completed fundraises. Haun Ventures, founded by a former a16z partner, closed a $1 billion second fund on May 5 targeting crypto infrastructure and AI-related startups. Dragonfly Capital closed a $650 million fourth fund earlier in 2026.
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