Venture capital firm Andreessen Horowitz’s blockchain arm, A16z Crypto, is back on the fundraising trail. According to a Fortune report citing anonymous sources, the firm is raising its fifth dedicated crypto fund, targeting around $2 billion with plans to close by mid-2026. The effort is led by longtime investor Chris Dixon, who has steered the firm’s crypto strategy since its inception.

A16z Crypto launched its first $300 million fund in 2018, riding the wave of bitcoin’s surge to $20,000. Each subsequent fund grew larger, culminating in a record-breaking $4.5 billion vehicle in 2022. While the new fund is less than half that size, insiders say the firm is deliberately opting for a shorter fundraising cycle to stay nimble in a sector where trends can shift overnight.

The timing of this raise is notable as crypto markets remain volatile. Bitcoin has lost more than 40% of its value since its October peak of just above $126,000, while publicly traded crypto firms have seen steep declines. Yet the industry is enjoying its most favorable regulatory climate in Washington since digital assets first emerged some 17 years ago. This combination of market uncertainty and regulatory clarity creates a unique moment for venture capitalists to position themselves for the next wave of blockchain innovation.

A16z Crypto has backed some of the sector’s most prominent names, including Anchorage Digital, Kalshi and Uniswap. Dixon has long championed the Web3 vision of decentralized internet infrastructure. However, many Web3 experiments have faltered in the last few years, leading to a cooling of interest among venture firms.

The industry has since pivoted toward financial applications such as stablecoins, tokenization and blockchain-based financial services. Even A16z rivals are diversifying: Paradigm is raising $1.5 billion with a focus spanning crypto, artificial intelligence and robotics, while Multicoin Capital co-founder Kyle Samani recently stepped away to pursue broader tech investments.

Despite market turbulence, A16z Crypto’s decision to raise a multibillion-dollar fund underscores its conviction that blockchain remains a transformative technology. With U.S. regulators showing unprecedented openness to crypto, venture firms see an opportunity to deploy capital into projects that may finally gain mainstream legitimacy.

Dixon himself has acknowledged that crypto is now firmly in its “financial era,” with finance serving as the proving ground for broader applications. A16z’s focus on financial protocols like Babylon, Kairos and Jito reflects this strategic pivot.

If successful, the $2 billion raise will cement A16z Crypto’s role as the largest and most influential venture player in digital assets. The firm’s bet is clear: While the hype cycles of Web3 may have cooled, the financial infrastructure being built on blockchains could form the backbone of the next generation of global markets.

• What is A16z Crypto currently doing? A16z Crypto is raising its fifth dedicated fund, targeting around $2 billion by mid-2026.
• Who is leading this fundraising effort? The effort is led by Chris Dixon, a long-time investor who has directed the firm’s crypto strategy since its inception.
• How has A16z Crypto’s fundraising evolved? Since its first $300 million fund in 2018, the funds have grown larger, culminating in a record $4.5 billion fund in 2022.
• What is the significance of the current market for A16z Crypto? Despite market volatility, favorable regulatory conditions present a unique opportunity for A16z Crypto to invest in transforming blockchain technologies.

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