This is smaller than the record-breaking fourth fund of $4.5 billion, established in 2022. Company representative Paul Caffiero noted that a16z crypto intends to return to a smaller fund size. He emphasized that shorter fundraising cycles allow for quicker adaptation to changing trends. The new fund equals the third fundraising effort in 2021 and significantly exceeds the amounts raised in 2020 ($515 million) and 2018 ($350 million). Caffiero did not specify when the fundraising for the fifth fund began and ended. He also declined to comment on whether the fourth fund was fully depleted. The company has also promoted Chief Technical Officer Eddie Lazarin to the position of general partner, alongside Chris Dixon, Ali Yahya, and Guy Wuollet. According to Cryptorank, the company has invested in 190 cryptocurrency projects with a retail ROI of 2000%. Notably, Andreessen Horowitz has invested in Kalshi, Coinbase, XRP, SOL, and OpenSea.