TLDR
- Andreessen Horowitz is raising $2 billion for its fifth crypto-focused fund, aiming to close by mid-2026.
- The new fund is smaller than the $4.5 billion Crypto Fund 4 raised in 2022.
- Crypto venture funding has dropped sharply, from $86 billion in 2022 to $7.95 billion in 2024.
- Some crypto VCs are diversifying into AI and robotics, while A16z still sees crypto and AI as top themes for 2026.
- Crypto startups raised $895 million in February 2026, down nearly 40% from the prior month.
Andreessen Horowitz, known as A16z, is raising $2 billion for a new crypto fund. The firm plans to close the fundraise by mid-2026, according to a report from Fortune citing anonymous sources.
LATEST: ⚡ Andreessen Horowitz's crypto wing, a16z crypto, is reportedly raising its fifth fund, aiming for around $2 billion, according to Fortune. pic.twitter.com/4T4K8Bprg0
— CoinMarketCap (@CoinMarketCap) March 5, 2026
This will be A16z’s fifth crypto-focused fund. The firm has raised at least $7.6 billion across its previous four crypto funds.
The new fund is much smaller than A16z’s last crypto raise. In 2022, the firm closed a $4.5 billion fund split between seed and venture investments.
A16z has been investing in crypto since at least 2013. That year it backed Coinbase, and it launched its first dedicated crypto fund in 2018 with $300 million.
In January 2026, A16z disclosed it had raised $15 billion across several new funds. That total represented over 18% of all venture capital dollars allocated in the United States in 2025.
The broader crypto venture market has slowed sharply since 2022. That year, firms raised more than $86 billion across 329 funds. By 2024, that figure had dropped to $7.95 billion.
Deal activity has also fallen. In Q1 2026, there have been 97 venture investments so far. That compares to 427 in the same quarter a year ago and 724 in Q1 2024.
Some VCs Are Moving Away From Pure Crypto
Not all crypto-focused investors are staying the course. Multicoin Capital co-founder Kyle Samani stepped down in February 2026 to explore AI, longevity, and robotics.
Crypto venture firm Paradigm is also reportedly raising a $1.5 billion fund that will expand into artificial intelligence and robotics.
One of A16z’s own bets, decentralized social platform Farcaster, returned $180 million to investors in January after selling off its infrastructure.
The total crypto market cap has also dropped more than $2 trillion since its peak of roughly $4.4 trillion in early 2025.
A16z Still Sees Upside in Crypto and AI
Despite the slowdown, A16z remains committed to the space. The firm recently named crypto and AI as its two main investment themes for 2026.
The firm expects stablecoins to become more tied to traditional banking. It also sees privacy as a key differentiator in crypto, and prediction markets growing in size and scope.
On the AI side, A16z expects AI models to function like app stores and to take on more cybersecurity work.
Crypto startups raised $895 million in February 2026. That is down almost 40% from the $1.47 billion raised in January and slightly below the $1 billion raised in February 2025.
