A16z has dug deep into the crypto space after launching four funds dedicated to the industry. The most recent one closed at $4.5 billion in May 2022, and Arianna thinks it’s appropriate, given the size of the opportunity.

“I certainly think the ecosystem has grown to a size where it absolutely supports a fund of this size and that’s why we raised a fund of this size,” Simpson said. “We didn’t have to raise any number; we chose a number that we thought spoke to the size of the opportunity. The ecosystem has obviously grown tremendously and is continuing to attract tons of early-stage entrepreneurs who are building across the board.”

When asked if there would be a fifth crypto fund from a16z, Simpson said, “I certainly hope so.” She added a16z will “continue to tailor our fund sizes to opportunities we see in the market.”