Andreessen Horowitz Raises $2.2B for Fifth Crypto Fund Amid Market Slowdown

Andreessen Horowitz (a16z) has launched its fifth crypto fund, securing $2.2 billion in one of the largest venture capital raises this year. The fund, led by a16z crypto founder Chris Dixon and general partners Ali Yahya, Guy Wuollet, and Eddy Lazzarin, will focus on startups building practical applications atop existing blockchain infrastructure. This comes despite a broader market cooldown—April 2026 saw just $662.4 million raised across 64 rounds, the lowest monthly tally in 12 months.

The new fund is notably smaller than a16z’s $4.5 billion 2022 vehicle but eclipses recent raises by rivals like Haun Ventures ($1 billion) and Dragonfly Capital ($650 million). The firm positions the fund around a contrarian thesis: that crypto’s real value accrues between speculative peaks, as developers transform raw infrastructure into usable products. Stablecoins serve as a prime example of this maturation.