A16z Eyes $2B for Fifth Crypto Fund

ICE Invests in OKX at $25B Valuation | Edward Woodford of Zerohash

Marco Manoppo & Karon Pangestu
March 06, 2026

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Good Morning

Crypto's biggest backer isn't blinking. Despite venture deal counts hitting historic lows and industry-wide fundraising down over 90% from its 2022 peak, a16z is back at the table with a $2B crypto fund, its fifth.

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In Today's Email:

What Matters: A16z Eyes $2B for Fifth Crypto Fund 💰️
Founders Highlight: Edward Woodford of Zerohash 👨
Deal Flows: ICE Invests in OKX at $25B Valuation 🧊

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Narratives: Institutional Accumulation Mode

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WHAT MATTERS

A16z Eyes $2B for Fifth Crypto Fund

Source: Onega Ventures

State of play: Andreessen Horowitz is reportedly targeting $2B for its fifth dedicated crypto fund, with plans to wrap up fundraising by the end of Q1 2026.

A16z has raised at least $7.6B across its four previous crypto funds, including its largest, "Crypto Fund 4," a $4.5B vehicle raised in 2022.
Crypto fundraising fell from a peak of $86B in 2022 to $11.2B in 2023 and $7.95B in 2024.
Deal volume has also dropped sharply, with only 97 venture investments recorded so far in Q1’26, compared to 427 in the same period last year and 724 in Q1’24.
Despite the slowdown, a16z raised $15B across several new funds in January 2026, representing over 18% of all US venture capital dollars in 2025.
Those funds span themes including "American Dynamism," bio and health, and infrastructure, reflecting a strategy of diversifying well beyond crypto.

Why it matters: Crypto venture funding has cratered over 90% from its 2022 peak, yet a16z is still writing large checks into the space, signaling that institutional smart money sees the current downturn as a buying opportunity.

Our take: At $2B, the fund is a step down from the $4.5B Fund 4, reflecting a more disciplined approach to a market yet to fully recover. Still, a16z is clearly positioning itself to capture the next cycle early.

For builders and investors: If the fund closes as planned, expect increased deal flow in crypto infrastructure and Web3 through 2026.

BUILDER-INVESTOR HIGHLIGHT

Edward Woodford of Zerohash

Intro: Edward Woodford is the Founder and the CEO of Zerohash, a leading infrastructure provider for crypto, stablecoin, and tokenized assets.

Previous background: Prior to Zerohash, Edward launched How App (2013-2015), a bank account comparison platform, before co-founding Seed CX (2015-2017), a regulated emerging markets infrastructure firm acquired by tastytrade in 2017.

The big idea: Edward’s and Zero Hash's big idea is to be the "AWS of digital money," the invisible infrastructure layer that lets any platform embed crypto and stablecoins without having to build or navigate the regulatory complexity themselves.

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INSIGHTS

Crypto Firms Set to Win Fed Master Accounts

Source: BPI

TD Cowen says Kraken's Federal Reserve master account approval is the first of many expected under the Trump administration, as crypto firms gain direct access to core US payment infrastructure despite fierce opposition from traditional banks.

Bank Policy Institute are pushing back and litigation is expected, but TD Cowen argues they ultimately lack the power to block approvals.
Approved accounts are limited in scope, no credit facilities, no interest on reserves, but still represent a structural shift in how crypto firms access US financial infrastructure.
Other crypto firms may need to wait for the Fed to finalize its "skinny master account" framework before their applications advance.

DEAL FLOWS

ICE Invests in OKX at $25B Valuation

Deal flows slowed down this week - we saw $120M+ in deals 💼

Intercontinental Exchange (ICE), parent of the NYSE, has taken a stake in crypto exchange OKX at a $25B valuation, securing a board seat as part of a partnership centered on bringing tokenized stocks and derivatives onto crypto trading rails.

Under the deal, ICE will license OKX's spot crypto price data to support US-regulated futures products, while OKX's 120M users will gain access to ICE's futures markets and NYSE-listed tokenized equities.
Tokenized stocks represent traditional equities on blockchain networks, potentially enabling lower trading costs and 24/7 global market access.
OKX's native token OKB surged over 36% following the announcement.

Deal flows in the past week:

Akave, $6.65M Seed Round
QFEX, $9.5M Seed Round
Crossover Markets, $31M Series B Round
Cyclops, $8M Strategic Round
OKX, Undisclosed Strategic Round
iDOS, $400K Public Token Sale
Cambria, $1M Public Token Sale
Interstate, $1.5M Unknwon Round
ARQ, $70M Unknown Round

QUICK BITES

A16z looks to raise $2B for its fifth crypto fund.
Fed clarifies capital rules for tokenized securities.
Revolut seeks de novo banking charter with OCC.
More crypto firms likely to get Fed master accounts.
Zerohash seeks national trust bank charter from OCC.
Solv Protocol says exploit drained $2.7M from Bitcoin yield vault.
ICE invests in OKX at $25B valuation amid tokenized stocks push.
Pudgy Penguins accused of trademark infringement by Penguin brand.
SEC submits framework to White House on applying securities laws to crypto.
Bitcoin ETF inflows top $1B in 3 days as analysts revive 'safe haven' narrative.
IRS proposes letting crypto exchanges require electronic delivery of tax forms.
Coinbase CEO & execs face shareholder lawsuit over disclosures, compliance.

NOTEWORTHY READS & MEME

Ignas’s read on What all the recent DeFi shutdowns have in common.
Four Pillars’s read on EV/Holder Revenue: A Token Valuation Framework.
Vitto’s read on You Think Blockchain Is a Scam Because Your Bank Works.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.