Andreessen Horowitz raises $2.2 billion in a new fund, saying crypto fundamentals are at an 'all-time high'

The new fund arrives as firms like Haun Ventures raise $1 billion and VC firms adapt to an AI-driven shift in capital.\nWhat to know : Andreessen Horowitz has launched a $2.2 billion “Crypto Fund 5” to back crypto startups at all stages over the next decade, even as much of the venture capital shifts toward artificial intelligence. The fund will focus on practical applications built on crypto infrastructure, including stablecoins, payments, financial services, decentralized systems, and areas such as perpetual futures, lending, prediction markets, and tokenized assets. While smaller than the firm’s $4.5 billion fourth crypto fund, the new vehicle remains one of the largest in the sector and reflects a16z’s view that crypto fundamentals are strong despite subdued market sentiment and an AI funding boom.