Exclusive: Venture giant a16z crypto targeting around $2 billion for its fifth fund amid blockchain market downturn, sources say

The largest player in the crypto venture world is back on the fundraising circuit. The blockchain arm of Andreessen Horowitz, also known as a16z crypto, is currently raising its fifth fund, according to multiple sources, who spoke with Fortune on the condition of anonymity to discuss confidential business operations. The firm is targeting around $2 billion, said one of the sources, and plans to close the raise by the end of the first half of 2026. 

Led by longtime investor and entrepreneur Chris Dixon, a16z crypto launched its first $300 million fund in 2018, the year after a blockchain craze sent Bitcoin prices soaring to $20,000. Each subsequent fund has been larger than the last, culminating in a monster $4.5 billion vehicle in 2022 out of which the firm continues to invest. While the latest fund will be less than half that amount, one of the sources said that a16z crypto is planning a shorter fundraising cycle to take advantage of how rapidly trends in crypto can shift. The previous funds were all raised within one or two years of each other. (A16z crypto chief marketing officer Kim Milosevich declined to comment.)

The venture giant’s fifth foray into digital assets comes as the crypto market is sputtering, despite a...