a16z crypto raises $2.2B, promotes Eddy Lazzarin

Andreessen Horowitz’s crypto arm, a16z crypto, has raised $2.2 billion for its fifth dedicated crypto fund and elevated chief technology officer Eddy Lazzarin to general partner, the firm announced. The fund will invest only in crypto companies and protocols across stages, and the promotion expands the fund’s leadership team.

Paul Cafiero, communications partner at a16z crypto, said the firm intentionally sized Fund 5 smaller than its record $4.5 billion fourth fund to allow for quicker fundraising cycles and closer alignment with shifting crypto trends. The new fund matches the $2.2 billion fund raised in 2021 and follows earlier vehicles of $515 million in 2020 and $350 million in 2018. Cafiero declined to disclose when fundraising began or when the fund closed, and would not comment on whether the fourth fund has remaining capital.

Lazzarin becomes the fund’s fourth general partner, joining Chris Dixon, Ali Yahya and Guy Wuollet. a16z crypto described Fund 5 as fully dedicated to crypto and focused on backing teams that convert protocol infrastructure into consumer and enterprise products.

The announcement arrives amid higher market volatility since last year’s peak, with bitcoin trading around $80,900. The firm noted growing signs of adoption, citing rising stablecoin usage and increased onchain activity in capital markets such as perpetual futures for price discovery, prediction markets and onchain lending that supports stablecoin credit markets.

On regulation, the firm pointed to the GENIUS Act as an example of clearer rules and indicated optimism about the Clarity Act advancing this year. The firm also said Fund 5 will not broaden its mandate into adjacent areas like artificial intelligence or robotics.

It is not clear whether Fund 5 has begun making investments; Cafiero declined to comment on the fund’s deployment activity. The announcement comes as venture fundraising in crypto has become more selective, though large firms and top founders continue to attract capital.