Venture capital giant Andreessen Horowitz (a16z) is reaffirming its decade-long commitment to cryptocurrency infrastructure with plans to raise a fifth dedicated crypto fund targeting approximately $2 billion. This move comes even as the firm experiences notable personnel changes, including the departures of high-profile partners Arianna Simpson and Kofi Ampadu.
In a recent essay, a16z crypto partner Guy Wuollet framed the current market phase as crypto's transition from a "hoodie" era to a "collared shirt" decade, emphasizing foundational infrastructure development over speculative trading. He compared this period to laying railways before new applications can emerge, stating that "finance is not separate from a larger vision; it is part of it."
The firm's long-term thesis is echoed by a16z crypto general partner Chris Dixon, who recently described blockchain as "the next foundational infrastructure of the internet" and noted the firm has held onto about 95% of its historically invested crypto assets. This perspective underpins a16z's continued focus on themes like stablecoins, tokenization, privacy, and prediction markets, as outlined in its "Big Ideas 2026" roadmap.
Despite the internal reshuffling, which reflects broader talent rotation within top crypto venture capital firms, a16z's fundraising ambitions signal strong continued institutional interest. The planned $2 billion crypto fund is part of a broader $15 billion multistrategy raise across infrastructure, applications, and growth-stage vehicles. Since launching its first $300 million crypto fund in 2018, a16z has grown its crypto platform to $4.5 billion.
Meanwhile, the broader venture capital landscape for crypto startups is becoming more selective. According to Sami Start, founder of infrastructure provider Transak, "It is definitely harder to raise than it was last cycle." Capital is increasingly flowing toward companies with real usage, credible regulatory setups, and products that integrate into actual financial flows, particularly in stablecoin infrastructure, payments, and financial connectivity.
This week's fundraising activity highlights this trend, with significant raises including: Startale Labs securing $63 million (led by SBI Holdings) to advance its Astar zkEVM; Ledger obtaining a $50 million extension to expand its hardware wallet offerings; and Tazapay raising $36 million in a Series B round led by Circle's venture arm to expand USDC-based settlement in emerging markets.
