a16z Targets $2 Billion for Fifth Crypto Fund

a16z crypto is raising about $2 billion for a fifth fund that the firm aims to close by the end of the first half of 2026. The round will focus exclusively on blockchain investments and is less than half the size of its fourth $4.5 billion fund; a shorter fundraising cycle is planned to better capture fast-changing trends in the sector.

Since launching its first $300 million fund in 2018, the firm has become an active player in crypto venture capital. In Q4 2025 it backed Kalshi and invested $50 million in the Solana staking protocol Jito, and this year it invested in Babylon, Kairos, and Talos.

The firm holds 187 investments, averaging $10–20 million per round, and is identified as a Tier 1 investor with a 22.08x retail ROI. The broader market has struggled since October, with Bitcoin down 16.7% year-to-date and pressure spilling over into digital asset treasuries, crypto equities, and venture funds.

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