Andreessen Horowitz has raised $2.2 billion for a new crypto-focused investment fund as it targets infrastructure-led applications across digital assets.
Summary
- Andreessen Horowitz has raised $2.2 billion for its fifth crypto fund targeting stablecoins, tokenized assets, and market infrastructure.
- a16z said stablecoin usage has continued to grow through downturns, while activity in perpetual futures and prediction markets has also increased.
- The firm pointed to improving U.S. regulation, citing progress on the GENIUS Act and expecting further policy clarity to support crypto growth.
According to a blog post published by its crypto arm, a16z Crypto, the firm’s fifth fund will support founders building products tied to stablecoins, perpetual futures, prediction markets, and tokenized assets, with a focus on tools people use in everyday financial activity.
Writing in the post, general partners Eddy Lazzarin, Guy Wuollet, Ali Yahya, along with founder and managing partner Chris Dixon, said growing complexity in software systems and rising concentration in internet infrastructure have increased the need for crypto networks designed around trust and openness.
A day earlier, rival firm Haun Ventures disclosed a $1 billion fund targeting crypto and artificial intelligence, adding to signs that capital continues to flow into digital assets even as AI dominates venture funding cycles.
Data from Crunchbase showed AI startups secured $242 billion in the first quarter of 2026, accounting for about 80% of the $300 billion raised globally during the period, which placed crypto funding activity in contrast with the scale of AI investment.
Focus turns to usage beyond hype cycles
Positioning its latest fund within the current market phase, a16z said it is seeking projects that continue to attract users after speculative interest fades, describing the present period as a quieter stage in the crypto cycle.
The firm pointed to stablecoins as one area of continued traction, stating in the post that usage has kept rising through downturns, while activity in crypto perpetual futures and prediction markets has also recorded meaningful growth.
Earlier commentary from Robert Hackett, published in a May 1 report, argued that stablecoins now operate beyond their original purpose of maintaining price stability and instead function as infrastructure for payments, settlement, and financial applications built on public blockchains.
Hackett wrote that stability is no longer the defining feature of these assets and described it as a basic requirement rather than the central value proposition, as builders now focus on what can be created using programmable digital money.
Regulation and market structure shape outlook
Addressing policy conditions, a16z said in its blog post that the U.S. regulatory environment is moving in a supportive direction, citing legislative progress around stablecoin rules such as the GENIUS Act.
The firm added that further developments through legislation and rulemaking are expected to extend clarity across the crypto market, which it said could support continued growth in on-chain finance.
Recent policy engagement by a16z has also included backing the Commodity Futures Trading Commission in a dispute with several U.S. states over prediction markets, where the firm argued that restricting access at the state level could reduce liquidity in federally overseen platforms such as Kalshi and Polymarket.
Within its investment thesis, a16z said traditional financial assets are increasingly moving on-chain, while blockchain-based systems are being used to settle transactions continuously with lower costs and near-instant execution, pointing to what it described as the formation of a new financial system accessible through internet-connected platforms.
Crypto Fund 5 follows the firm’s previous $4.5 billion fund launched in May 2022, which came at a time of market stress following the collapse of the Terra ecosystem and subsequent failures across several crypto companies.
