Andreessen Horowitz Unveils Crypto Fund 5 To Scale On-Chain Infrastructure

A $2.2 Billion Bet on Crypto's Infrastructure Moment

@A16zcrypto has officially closed Crypto Fund 5 at $2.2 billion, bringing total committed capital across its five dedicated crypto vehicles to $9.8 billion. The raise is a significant milestone, though notably smaller in scale than its predecessor: the new fund is roughly half the size of its 2022 vehicle, which pulled in $4.5 billion — then the largest individual crypto fund ever raised.

The fund will be led by managing partner Chris Dixon alongside general partners Ali Yahya, Guy Wuollet, and Eddy Lazzarin, the firm's CTO, who is being promoted to general partner.

The firm is clear-eyed about what it is backing. "The founders we're backing with this $2.2 billion fund are working on the part of the cycle that gets less attention and we believe produces more of the lasting value: turning new infrastructure into products people use every day," the partners wrote in a blog post announcing the fund.

Regulatory Tailwinds, AI Agents, and the Road Ahead

The fund arrives at a moment of genuine strategic clarity for @A16zcrypto. In their announcement, the partners pointed to stablecoins, tokenization, perpetual futures, prediction markets, and AI agents as crypto's most promising investment areas. The fund is also positioned to benefit from a shifting regulatory landscape in the US, with the GENIUS Act expected to provide clearer guardrails for stablecoin issuance and digital asset activity.

The digital dollar market recently surged to $320 billion in market cap, with adoption continuing to grow through downturns, as users rely on it for cross-border payments, savings, and everyday transactions. Other areas seeing "meaningful growth" include perpetual futures, blockchain-based lending, prediction markets, and tokenized assets, according to the firm.

On the portfolio side, @A16zcrypto has built one of the most recognisable track records in the space. The firm has backed notable portfolio companies including Coinbase, Uniswap, Anchorage, and @Kalshi, and more recently has deepened its commitment to emerging infrastructure players such as @babylonlabs_io, @Phantom, @eigencloud, and @LayerZero_Core. Current investment priorities include builders leveraging @Solana, @Ethereum, and @DeepSeek-integrated systems to deliver frictionless global financial services.

The new fund enters a competitive but thinning field. Haun Ventures, led by former a16z general partner Katie Haun, announced a $1 billion fund focused on crypto and AI, while a16z confirmed that Fund 5 is "100% dedicated to investing in crypto entrepreneurs." "We believe while sentiment may be low, the fundamentals of the crypto industry are at an all-time high," a spokesperson for the firm said.

Related News
Babylon Labs Secures $15M From a16z to Turn Native Bitcoin Into Trustless Onchain Collateral
A16Z Crypto Unveils 25 Projects for Accelerator Program: Here are Our Top 3 Picks