a16z crypto raises $2.2B for fifth venture fund as Andreessen Horowitz doubles down on digital assets despite slumping market

Andreessen Horowitz's digital assets arm, a16z crypto, raised $2.2B for its fifth venture fund and promoted CTO Eddy Lazzarin to general partner. The new fund brings a16z crypto's total capital raised to $9.8B since launching its first $300M fund in 2018, following a $4.5B fourth fund in 2022. Managing partner Chris Dixon and a16z crypto's general partners wrote in a blog post that “the founders we're backing with this $2.2 billion fund are working on the part of the cycle that gets less attention and produces more of the lasting value: turning new infrastructure into products people use every day.” The raise comes amid a slumping crypto market with Bitcoin and Ethereum trading around 40% or more below their 2025 all-time highs, though other top crypto investors including Dragonfly Capital, Paradigm, and Haun Ventures have also drummed up significant new capital recently.