a16z Crypto Closes $2.2 Billion Fund, Betting on Crypto’s Financial Infrastructure Moment

Andreessen Horowitz’s blockchain arm closed its fifth dedicated crypto fund, bringing total committed capital to $9.8 billion as the firm bets on stablecoins, onchain finance, and a shorter fundraising cycle.

Andreessen Horowitz’s blockchain investment arm announced it has closed Crypto Fund 5 at $2.2 billion, bringing total committed capital across its five dedicated crypto vehicles to $9.8 billion. The fund was authored by managing partner Chris Dixon alongside partners Ali Yahya, Guy Wuollet, and Eddy Lazzarin.

The vehicle is roughly half the size of the firm’s $4.5 billion Fund 4, raised in May 2022 and still being deployed. a16z said it deliberately shortened the fundraising cycle to move faster in a market where trends shift quickly. The firm first signaled its plans in March, when Fortune reported it was targeting around $2 billion.

This story is an excerpt from the Unchained Daily newsletter.

Dixon framed the raise around what he called crypto’s transition from speculation to financial utility. The blog post cited stablecoins as the clearest example, noting that their usage has continued to climb through market downturns, driven by cross-border payments, savings, and commerce rather than by trading volume.

The firm also pointed to perpetual futures for price discovery, prediction markets for surfacing truth, and onchain lending for stablecoin credit markets as evidence of a maturing financial system “that runs continuously, settles nearly instantly, costs almost nothing, and is open to anyone with internet access.”

The fund arrives during a slower period for crypto venture capital. Quarterly deal counts fell sharply in early 2026, and several prominent crypto-native firms have pivoted. Paradigm is raising up to $1.5 billion for a fund that spans crypto, AI, and robotics. Multicoin Capital co-founder Kyle Samani stepped away in February to invest in other sectors. a16z-backed Farcaster repaid its full $180 million raise to investors earlier this year after selling its infrastructure.

a16z crypto has backed notable portfolio companies including Coinbase, Uniswap, Anchorage, and Kalshi. The firm raised more than $15 billion across all its investment vehicles in January 2026, representing over 18% of all venture capital allocated in the U.S. in 2025.

To understand the thinking behind the fund, and what a16z sees as genuinely defensible in crypto right now, host Laura Shin sat down with general partner Ali Yahya. In the conversation, Yahya walks through the calculus behind a smaller, faster-deploying fund, what he believes has changed in the asset class since the 2022 raise, and why he thinks privacy may be the next real moat in crypto.