Andreessen Horowitz’s crypto arm has announced a new $2.2 billion fund, marking its fifth dedicated crypto vehicle and bringing the firm’s total crypto commitments to $9.8 billion. The fund will add Eddy Lazzarin to its general‑partner roster, joining Chris Dixon, Ali Yahya and Guy Wuollet, and will continue backing high‑profile projects such as Coinbase, Kalshi and the Solana Foundation.

The announcement arrives as the broader crypto market is experiencing a lull. March recorded the lowest trading volume for exchanges since November 2023, and Coinbase disclosed a 14 % workforce reduction on the same day. Venture capital investment in crypto startups fell to nearly $5 billion in the first quarter of 2026, down from roughly $6 billion in the previous quarter.

The a16z partners acknowledged the market’s quiet phase, emphasizing that periods of reduced hype can foster more sustainable and valuable innovations. They noted that while the crypto sector’s peaks attract significant capital and a surge of startups, the quieter times often yield products that endure.

Even as crypto VCs pivot toward AI‑centric ventures, the new fund remains fully committed to blockchain‑focused entrepreneurs. The firm’s spokesperson confirmed that the capital will be dedicated 100 % to crypto startups.

Industry peers are also adjusting their focus. Paradigm is reportedly raising a new $1.5 billion fund to explore robotics and AI, while Y Combinator has not included crypto or blockchain startups in its latest call for applicants. Meanwhile, former Andreessen Horowitz investor Katie Haun’s firm has secured $1 billion for its latest fund, with an eye on AI‑driven crypto and fintech solutions.