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Why is there no dedicated crypto fund in this $15 billion fundraising round by A16Z? This question is worth pondering.
A review of the historical record reveals some clues. Since 2018, A16Z's approach to the crypto space has been very systematic—establishing dedicated digital asset funds to operate: the first Crypto Fund I in 2018 was about $350 million, serving as a test for their entry into this track; in 2020, Crypto Fund II expanded to $515 million, clearly showing increased appetite; by the peak of the 2021 bull market, Crypto Fund III directly invested $2.2 billion, at that time reaching a peak of enthusiasm for crypto.
But this time is different. The new $15 billion fund surprisingly does not include a dedicated crypto fund. Is this a strategic adjustment, a re-evaluation of market prospects, or simply an optimization of the fundraising structure? All of these possibilities merit close observation.