- a16z crypto is reported to seek $2 billion for its fifth fund, targeting an H1 2026 close.
- The target is smaller than its $4.5 billion 2023 fund but larger than recent sector raises like Dragonfly’s $650 million.
- a16z crypto has backed major projects including Uniswap, Anchorage Digital and Jito Network.
Andreessen Horowitz’s crypto division is looking to raise $2 billion for its fifth dedicated digital assets fund, according to a Fortune report, a figure that would mark a sharp pullback from the $4.5 billion vehicle the firm closed in 2023 and signals a more cautious posture from one of the sector’s most prominent institutional backers.
The fundraising, as reported by Fortune, comes as appetite among limited partners for crypto-focused venture capital has softened broadly. Dragonfly Capital, one of a16z crypto’s closest peers, closed its latest fund at roughly $650 million last month. Haseeb Qureshi, managing partner at Dragonfly, acknowledged the difficulty facing the sector.
“A lot of other blockchain-focused VCs are having a hard time fundraising right now,” he said, while noting that a16z’s target still makes it one of the largest funds in the space. A16z crypto declined to comment to Fortune.
Smaller Target, Same Long-Term Conviction
The reduced fund size does not appear to reflect a strategic retreat. General partner Chris Dixon, who has led the unit since its inception, has continued to articulate a bullish long-term thesis. In a recent post on X, he argued that crypto is entering what he called a “financial era,” with blockchain-based tools becoming foundational infrastructure for a decentralized internet.
That conviction has translated into a broad and active investment portfolio. A16z crypto has backed projects across the stack, from decentralized exchange protocol Uniswap and institutional custody provider Anchorage Digital to staking infrastructure platform Jito Network. The firm made its first formal crypto commitment in 2018 with a $300 million fund and has since grown into one of the sector’s most influential capital allocators.
Still, the gap between the 2023 fund and this current target will draw scrutiny. Crypto markets have slightly recovered above last year’s lows, yet institutional venture allocations have not kept pace with price action, suggesting that LPs are applying tighter criteria even as token valuations rise.
How quickly a16z reaches its $2 billion target, and what it chooses to back with the new capital, will serve as a meaningful read on where institutional conviction in the venture-backed crypto sector actually stands heading into the second half of 2026.
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