Andreessen Horowitz’s cryptocurrency division reportedly aims to raise $2 billion for its fifth fund, according to Fortune.

The venture capital firm overseen by Chris Dixon is reportedly targeting to finalize its fifth crypto fund by the first half of 2026, indicating ongoing investments in blockchain startups.

A16z is looking to raise $2 billion for its fifth crypto fund. (Vladimir Solomianyi on Unsplash/Modified by CoinDesk)

Key details:

• Andreessen Horowitz’s cryptocurrency division is aiming to secure $2 billion for its fifth venture fund, with a targeted closure in the first half of 2026, according to Fortune.
• The anticipated fund is less than half the size of a16z crypto’s $4.5 billion fourth fund raised in 2023, indicating a more cautious investment climate despite still ranking among the larger crypto funds.
• The firm’s leader, Chris Dixon, suggests that the sector is transitioning into a “financial era” centered around blockchain-based financial solutions.

Andreessen Horowitz’s crypto division is re-entering the fundraising landscape with a fifth venture fund, even as the digital asset industry faces a more tempered investment climate, as reported by Fortune.

A16z crypto aims to accumulate $2 billion for this fund and intends to wrap up the process in the first half of 2026, as stated by Fortune, referencing anonymous sources.

The venture capital firm did not provide a comment regarding the fundraising initiative to Fortune, and neither the firm nor its public relations team in London responded to a CoinDesk inquiry for confirmation prior to publication.

The target amount is significantly lower than the firm’s fourth fund, which secured $4.5 billion in 2023 and remains one of the most substantial dedicated crypto venture funds ever raised. Nevertheless, it surpasses the $650 million that Dragonfly Capital secured last month.

The indicated fund size reflects a more cautious approach to venture capital investment as cryptocurrency markets cool from the peaks experienced just a year ago. Dragonfly’s fundraising was among the largest in the sector at a time when many blockchain-focused venture capitalists are encountering challenges, according to Haseeb Qureshi, managing partner at the firm.

Under the leadership of general partner Chris Dixon, a16z crypto has emerged as a key player in the digital asset space, supporting initiatives such as the decentralized exchange Uniswap, digital asset platform Anchorage Digital, and Jito Network, a fundamental infrastructure protocol. Since launching its inaugural $300 million crypto fund in 2018, the firm has significantly contributed to attracting institutional venture capital into blockchain startups.

In a post on X last month, Dixon expressed his belief that the cryptocurrency sector is entering what he terms its “financial era,” where blockchain-powered financial applications could form the basis for a wider array of decentralized internet services.