Andreessen Horowitz (a16z) is assembling a third crypto venture fund, according to a report Friday in the Financial Times.
Four people with knowledge of the process told the FT that a16z is looking to pull in between $800 million and $1 billion for the new fund.
It could ultimately double the $515 million fund a16z last raised for crypto investments.
The news comes in the wake of the Coinbase public listing, in which a16z was rewarded handsomely for its early support of the crypto exchange. A16z cashed out $449.2 million in COIN stock on behalf of its investors on April 14, the day the stock made its debut on Nasdaq.
With crypto prices trading at near all-time highs, a16z is looking to corral investors interested in finding the next Coinbase.
A request for comment sent to a16z wasn’t returned by press time. The FT said the venture-capital firm declined to comment.