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.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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