Andreessen Horowitz’s crypto arm has closed its fifth dedicated fund at $2.2 billion, signaling renewed institutional confidence in crypto infrastructure even as overall sector fundraising contracts sharply.

Crypto Fund 5 from a16z crypto targets startups “turning new infrastructure into products people use every day.” The firm’s partners pointed to stablecoins as the clearest proof of durable adoption amid market turbulence.

The fund is notably smaller than its predecessor — a16z raised $4.5 billion for Crypto Fund 4 in 2022, its largest fund ever.

The firm also noted in the Fund 5 announcement that it sees a future in which “software agents can decide, act, and transact on a user’s behalf, acquiring compute, data, and services as they go.”

Haun Ventures Closes $1B Second Fund

Just yesterday, May 4, Katie Haun announced that Haun Ventures had raised $1 billion for its second fund, targeting new financial infrastructure, new assets and markets, and the agentic economy.

Haun — who was formerly a partner at a16z, as well as a federal prosecutor and a Coinbase board member — also highlighted stablecoin growth as an indicator of how traditional payments are shifting. Haun also focused more specifically on AI agents and the agentic economy, saying her firm sees agents needing native crypto infrastructure for payments, identity, and reputation.

April Crypto Funding Hit 12-Month Low

The new fund announcements arrive against a weak backdrop for crypto VC funding more broadly. CryptoRank’s April 2026 report, published today, shows that total funds raised by crypto startups plunged 74% to $662 million across just 64 rounds — the lowest since May 2025 — as mega-rounds disappeared entirely. The report also found that M&A captured nearly half of all disclosed capital.

Unique investor participation hit a 25-month low at 211, down 72% from the April 2024 peak, the research found.

Notably, Haun Ventures was an active investor in April, backing both Liquid and Squads, per the CryptoRank data below, while a16z crypto did not show up in the report.

As The Defiant has covered, a16z’s 2025 State of Crypto report, published last October, declared 2025 the year crypto went mainstream, with stablecoins taking center stage, processing $46 trillion in transactions.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.