A16z closes $2.2B Crypto Fund 5, calling fundamentals 'at an all-time high'

Andreessen Horowitz has launched Crypto Fund 5, a $2.2 billion vehicle targeting crypto founders at all stages over the next decade. Despite being roughly half the size of the firm's $4.5 billion fourth fund, it remains one of the largest crypto-focused pools in the industry — larger than Haun Ventures' recent $1 billion raise and Dragonfly Capital's $650 million close.

The fund's focus areas include stablecoins, payments, financial services, decentralised systems, perpetual futures, lending, prediction markets, and tokenised assets. The stablecoin market alone has surged to $320 billion in market cap, with $USDC and peers seeing sustained adoption through downturns for cross-border payments and everyday transactions.

a16z's partners framed the timing deliberately: 'The founders we're backing are working on the part of the cycle that gets less attention and produces more of the…