A16z looks to raise $2 billion for its fifth crypto fund: Fortune

Andreessen Horowitz is reportedly targeting $2 billion for what will be its fifth crypto-focused fund, Fortune reported on Wednesday. The firm reportedly aims to finish the fundraising by the end of the first of 2026.

A16z has been a prominent crypto investor since at least 2013, when it backed Coinbase. It then raised its first crypto-specific fund in 2018, with $300 million in committed capital. 

To date, the firm has raised at least $7.6 billion across its dedicated crypto funds, including its massive $4.5 billion fundraise in 2022. 

That 2022 vehicle, “Crypto Fund 4,” was split $1.5 billion for seed and $3 billion for venture investments. 

The move comes amid a slowing crypto investment cycle, compared to the highs reached in 2022. That year, firms raised more than $86 billion across 329 funds, compared to $11.2 billion in 2023, $7.95 billion in 2024, according to The Block Pro’s data. 

Further, quarterly deal counts have also fallen off. So far in Q1 2026, there have been a total of 97 venture investments, compared to 427 in the same quarter the year prior and 724 in Q1 2024. 

In January, a16z disclosed it had raised $15 billion for several new funds, representing “over 18% of all venture capital dollars allocated in the United States in 2025.”

This included $1.176 billion for its new “American Dynamism” investment thesis, as well as funds targeting bio and health, infrastructure, and other venture strategies.