The crypto-focused arm of venture capital firm Andreessen Horowitz has raised $2.2 billion for its fifth fund dedicated to backing crypto projects.
In a blog post on Tuesday, a16z Crypto said its latest fund, Crypto Fund 5, would back founders “turning new infrastructure into products people use every day,” including stablecoins, perpetual futures, prediction markets and tokenized assets.
“Software is getting more complex and harder to trust,” a16z Crypto general partners Eddy Lazzarin, Guy Wuollet, Ali Yahya and founder and managing partner Chris Dixon wrote in the blog post.
“The infrastructure the internet runs on is more consolidated than ever. In that environment, the properties that crypto networks were designed to provide become more valuable, not less,” they added.
A16z’s latest fund comes a day after rival venture firm Haun Ventures said it raised a $1 billion fund for crypto and artificial intelligence, suggesting venture capital appetite for crypto remains strong even as the bulk of funding has focused on AI.
Source: a16z Crypto
AI firms received a record $242 billion in venture funding in the first quarter of 2026, according to a Crunchbase report released in April, with the technology capturing 80% of the record $300 billion in global venture funding during the quarter.
Crypto Fund 5 is smaller than its predecessor, a record $4.5 billion crypto-focused fund that a16z Crypto launched four years ago in May 2022, just as the Terra blockchain imploded, causing a chain reaction of crypto company collapses and a regulatory crackdown.
A16z said that crypto is in “one of those quieter moments” of the cycle, and it is seeking out “what people keep using when the hype fades.”
It added that stablecoin use “has kept climbing even through downturns,” and it has also seen “meaningful growth” in crypto perpetual futures and prediction markets.
Related: Crypto VC funding plunges to $659M in April, hits near two-year low
“Traditional assets are starting to move onchain, and onchain finance is being used for assets beyond network tokens,” a16z added. “A new financial system is taking shape that runs continuously, settles nearly instantly, costs almost nothing, and is open to anyone with internet access.”
It added that crypto has been buoyed by a US regulatory landscape that is “moving in the right direction,” with an array of supportive lawmakers and White House officials helping advance the stablecoin-regulating GENIUS Act, which a16z said was “a good example of what thoughtful policy can look like.”
“We expect more regulatory progress for the rest of the crypto market through legislation and rulemaking,” it added.
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