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Andreessen Horowitz has raised $2.2 billion for Crypto Fund 5, targeting projects that merge crypto, AI, and traditional finance.

CTO Eddy Lazzarin, recently promoted to general partner, will lead the fund, Bloomberg News reported. The firm now manages roughly $9.8 billion in crypto across five funds.

“You see this in every cycle if you look past prices: what actually gets built, and what people keep using when the hype fades. We’re at one of those quieter moments now. And the signal coming through is one of the most encouraging it has been in years,” the firm’s partners wrote in a post.

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