a16z crypto is raising its fifth fund, targeting approximately $2 billion, with plans to complete fundraising in the first half of 2026. The fund will focus entirely on blockchain investments. a16z crypto launched its first $300 million fund in 2018, and each subsequent fund has increased in size, reaching $4.5 billion in 2022 with its fourth fund. The fifth fund is less than half the size of the previous one, and according to sources, a16z crypto plans to shorten the fundraising cycle to adapt to the rapidly changing trends in the crypto market. Currently, the crypto market is generally sluggish, with Bitcoin falling by nearly half since its all-time high last October, and listed crypto companies' stock prices also falling sharply. At the same time, the industry is in its most favorable regulatory environment in Washington in 17 years. a16z crypto has been active in recent investments, including the decentralized protocol Babylon, the prediction market cross-platform integration tool Kairos, and a $50 million investment in the Solana staking protocol Jito. Furthermore, the crypto venture capital landscape is shifting, with Paradigm raising up to $1.5 billion in a new fund to expand its investments into AI and robotics, and Multicoin Capital co-founder Kyle Samani leaving the firm in February to pursue investments in other technology sectors. (Fortune)