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Andreessen Horowitz, one of Silicon Valley’s high-profile venture capital firms, is looking to raise $ 1 billion to invest in cryptocurrencies and start-up cryptocurrencies after a successful investment in Coinbase.
The new fund, Andreessen’s third, which is aimed at cryptocurrency investments, is to raise funds with investments of between $ 800 million and $ 1 million, according to four people familiar with the process.
This would make it one of the largest capital pools dedicated to crypto and could be twice the size of the previous one. The company wanted to resign.
Andreessen’s push to raise money for other cryptocurrency investors is raising big boxes of war, driven by strong markets for bitcoin, ethereum and other digital assets.
The cryptocurrency capitalist Coinbase, which was made public earlier this month and is now starting to make digital currency exchange gains worth nearly $ 60 billion, and direct investments in virtual currencies that have increased in value over the past 12 months.
These translations have encouraged institutional investors, such as endowments and foundations, to renew their commitment to emerging technologies, despite the secure regulatory environment in large market areas.
Pantera Capital, one of the first investments in the cryptocurrency, wants to raise $ 600 million for a new blockchain fund that will combine investments in private companies and negotiable tokens. he said.
Pantera’s latest venture fund raised $ 175 million in 2018 and that amount has been 3.8 times higher since January, according to him website.
Last month, investors including Sequoia Capital China pledged $ 225 million in the second cryptocurrency fund raised by Dragonfly Capital, more than double the sum collected by Dragonfly in 2018 for its first version.
Andreessen’s fundraising campaign would compete with the cryptocurrency investment company created in 2018 by Coinbase founder Fred Ehrsam and former Sequoia Capital partner Matt Huang.
The paradigm has raised a total of $ 1 billion among investors including grants from Harvard and Yale universities, according to data from the PitchBook. The company invests from an open-ended fixed fund structure that does not require a return on capital for a fixed date.
Coinbase’s direct listing on the Nasdaq exchange had a huge impact on early investors and employees as they sought to reinvest profits in new businesses. The company’s market value reached $ 75.9 billion, although it was about 20 percent lower when private shareholders unloaded the bet.
Founded by Marc Andreessen and Ben Horowitz in 2009, Silicon Valley-based Andreessen Horowitz was an early investor in Coinbase and Ripple cryptocurrency groups through traditional funds.
Andreessen Coinbase’s stake has been one of the most successful, with a value of $ 11.2 billion in the price of the first trades of the exchange. The company has sold about $ 120 million worth of shares since the Coinbase went public, according to regulatory filings.
After raising its first fund dedicated to cryptocurrencies in 2018, Andreessen became a major investment in so-called decentralized financial projects and was one of the founding members of the Facebook-sponsored Libra project, now known as Diem.
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Andreessen became a registered investment advisor in 2019, a regulatory separation that gave him more flexibility to invest in cryptocurrencies and to invest in other assets that are limited to holding large amounts of risk funds. The company managed $ 35.8 billion in asset regulation at the end of last year, a file showed.
At the top of the fundraising bundle, Andreess’s third cryptocurrency fund would be nearly double the last vehicle that raised $ 515 million a year ago.
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