The cryptocurrency investment fund launched in 2018 by venture capital firm Andreessen Horowitz received a negative revaluation of 40% in the first half of the year, The Wall Street Journal reports.
Amid a bear market in the third quarter, the firm only invested in nine startups. For comparison, in the fourth year of 2021 there were 26.
Andreessen Horowitz raised in May $4.5 billion in a new crypto fund.
The structure became the fourth in a16z. In total, the company raised more than $7.6 billion for these purposes: $2.2 billion in the third and $965 million in the first two.