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a16z’s main cryptocurrency fund has lost 40% of its value: sources

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According to the WSJat flagship cryptocurrency fund venture capital firm Andreessen Horowitz lost almost half of the of its value in the first half of 2022.

This Wednesday, the Wall Street Journal, quoting sources close to the case, reports that the main crypto-fund from the well-known VC specializing in technology and web3 Andreessen Horowitz (a16z) has lagged further behind other more traditional private equity funds, losing about 40%. Of its value in the first half of 2022.

The investment firm founded in 2009 in Menlo Park by Marc Andreessen and Ben Horowitz has launched its. first cryptocurrency-focused fund in 2018.. It has invested in a myriad of web-based companies3. including Coinbase, Ava Labs, Celo, OpenSea and Solana. Earlier this year, it introduced a new, fourth cryptocurrency fund with $4.5 billion. A record amount for a fund dedicated to this sector.

However, the Californian VC has. Slowed its investments in the cryptocurrency ecosystem in the third quarter of 2022, signing fewer than 10 deals versus more than doubling in the previous quarter and more than tripling in Q4 2021. This year, cryptocurrency prices have plummeted. Bitcoin has lost more than 70% of its value since its ATH of $69,000 last fall. Its general partner Chris Dixon recently stated that the cryptowinter made investment in the sector “more attractive” today.

“They’ve taken things so far with cryptocurrencies that I’m not sure they can rebalance,” commented Ben Narasin, general partner at Tenacity Venture Capital.

Andreessen Horowitzwhich has supported several Web2 heavyweights in the past, such as Facebook, is now betting on Web3 to counter Gafam’s hegemony. The latest investments ofa16z in cryptography include Morpho, LayerZero, Aleo, Yuga Labs, Ready Player Me and Moonbirds.

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