In a blog post laying out its vision for the future of crypto, a16z has announced a new $2.2 billion fund, bringing the total raised to date to $9.8 billion. This latest round also sees the promotion of Eddy Lazzarin as CTO to general partner, joining Chris Dixon, Ali Yahya and Guy Wuollet on the GP investing team.

The timing is peculiar given that March was the slowest trading month across crypto exchanges since November 2023. Meanwhile, VC investing in crypto startups has cooled, landing at nearly $5 billion in Q1 2026 compared to closer to $6 billion a year ago.

Despite this downturn, the a16z partners are optimistic. They acknowledge that quieter moments often see more enduring creations, comparing it to how useful infrastructure builds during a quiet period can be seen as critical later on.

The challenge for founders is that with the rise of AI startups, some of the biggest crypto VCs are now focusing elsewhere. For example, Paradigm and Y Combinator have both shifted their focus towards robotics and AI.

Despite this shift, a16z remains committed to its vision, promising a fund dedicated 100% to crypto entrepreneurs. The future may be cold for some, but the tech industry is unfazed.