• The firm’s first fund, launched in 2018, raised $300 million
  • Andreessen’s second fund launched one year ago raised $515 million

Venture capital firm Andreessen Horowitz is looking to raise a fund of as much as $1 billion to invest in digital assets and crypto-focused startups. 

The news comes shortly after Coinbase, which was largely Andreessen-backed, had a successful public debut via direct listing earlier this month. 

The firm is hoping to raise between $800 million and $1 billion for the fund, according to people familiar with the matter. If raised, the fund will be one twice the size of Andreessen’s second crypto fund and one of the largest pools of capital ever dedicated to the digital asset space. 

The fund will be Andreessen’s third that focuses on cryptocurrencies. The first fund, launched  in 2018, raised $300 million. Andreessen’s second fund launched one year ago raised $515 million. 

Coinbase’s direct listing has resulted in an influx of new capital to early investors and employees of the crypto exchange. Many are looking to reinvest gains in new crypto ventures as digital assets continue to surge. 

Andreessen, which was one of Coinbase’s largest two investors, had a stake worth $11.2 billion when Coinbase shares began trading. The firm has since sold close to $120 million in shares according to regulatory filings. 

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    Casey Wagner is a New York-based business journalist covering digital assets and macro economics. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies.