Top venture capital firm Andreessen Horowitz is doubling down on crypto, even as bitcoin and other cryptocurrencies have struggled to find footing this year.
The firm raised $300 million for its first-ever fund dedicated to crypto companies, Andreessen Horowitz announced Monday. Over two to three years, it plans to put that money in everything from early-stage coins and tokens, to later-stage networks like bitcoin or ethereum, and will hold those investments for up to 10 years.
Chris Dixon, general partner at Andreessen Horowitz, said the firm is taking a long-term and “patient” approach in the space.
“We’ve experienced ups and downs in the cryptocurrency market, and expect there will be many more,” Dixon told CNBC Monday. “There’s potential in the technology, and some of the downturns can be the best investments.”
He described it as an “all-weather” fund that they plan to invest consistently over time, regardless of market conditions. Even if bitcoin prices dropping 50 percent this year signaled a “crypto winter,” Andreessen Horowitz will keep investing aggressively, Dixon said.