Andreessen & Horowitz goes all-in on crypto with a new $2.2B fund

After its successful Coinbase exit, the VC firm shows its commitment to cryptocurrencies with a third fund

Eight years after leading the $25 million round, Coinbase became the first major crypto company to go public and did so with such buzz that even crypto skeptics paid attention. Coinbase closed its first day of trading at $328.28 a share, putting its value at $85.8 billion—making it Andreessen Horowitz’s biggest exit yet.

Now the firm is betting that rising interest in cryptocurrency can continue to make it very rich. Andreessen & Horowitz announced today its third crypto-focused fund for the “next generation of visionary crypto founders.” The $2.2 billion Crypto Fund III will be among the largest capital commitments to the crypto ecosystem in history.

With its massive new fund, Andreessen & Horowitz plans to do more than just meet those challenges ahead. It’s hoping to find the next Coinbase—or something even bigger.