Andreessen Horowitz’s crypto arm is back in the market with a fifth venture fund, even as the digital asset sector navigates a slower investment environment, Fortune reported.

A16z crypto aims to raise $2 billion for the fund and hopes to close the process during the first half of 2026, Fortune said, citing unidentified sources.

The venture capital firm declined to comment on the fundraising effort to Fortune, and neither the firm nor its PR team in London responded to a CoinDesk request for confirmation before publication.

The target is significantly below the company's fourth fund, which raised $4.5 billion in 2023 and remains one of the largest dedicated crypto venture funds ever assembled. Still, it's larger than the $650 million Dragonfly Capital raised last month.

The reported size suggests a more cautious approach to venture capital deployment as crypto markets cool from the highs seen only last year. Dragonfly's was one of the largest raises in the sector at a time when many blockchain-focused VCs are struggling, according to Haseeb Qureshi, the firm's managing partner.

Led by general partner Chris Dixon, a16z crypto has been one of the most influential investors in the digital asset sector, backing projects such as decentralized exchange Uniswap, digital asset platform Anchorage Digital and Jito Network, a core infrastructure protocol. Since its first $300 million crypto fund in 2018, the firm has played a major role in bringing institutional venture capital into blockchain startups.

In an X post last month, Dixon said he sees crypto as entering what he describes as its “financial era,” where blockchain-based financial applications could serve as the foundation for broader decentralized internet services.