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A16z to Launch $1B Crypto Venture Fund
The Silicon Valley VC giant is going big for its third crypto venture fund, the Financial Times reported Friday.
Andreessen Horowitz (a16z) is assembling a third crypto venture fund, according to a report Friday in the Financial Times.
STORY CONTINUES BELOW
Four people with knowledge of the process told the FT that a16z is looking to pull in between $800 million and $1 billion for the new fund.
It could ultimately double the $515 million fund a16z last raised for crypto investments.
The news comes in the wake of the Coinbase public listing, in which a16z was rewarded handsomely for its early support of the crypto exchange. A16z cashed out $449.2 million in COIN stock on behalf of its investors on April 14, the day the stock made its debut on Nasdaq.
Read more: Coinbase CEO Sold $291.8M in Shares on Opening Day
With crypto prices trading at near all-time highs, a16z is looking to corral investors interested in finding the next Coinbase.
A request for comment sent to a16z wasn't returned by press time. The FT said the venture-capital firm declined to comment.
Zack Seward
Zack Seward is CoinDesk’s contributing editor-at-large. Up until July 2022, he served as CoinDesk’s deputy editor-in-chief. Prior to joining CoinDesk in November 2018, he was the editor-in-chief of Technical.ly, a news site focused on local tech communities on the U.S. East Coast. Before that, Seward worked as a reporter covering business and technology for a pair of NPR member stations, WHYY in Philadelphia and WXXI in Rochester, New York. Seward originally hails from San Francisco and went to college at the University of Chicago. He worked at the PBS NewsHour in Washington, D.C., before attending Columbia’s Graduate School of Journalism.
