Andreessen Horowitz, the venture capital firm, has announced that it is looking to raise a fund of as much as $1 billion to invest in cryptocurrencies and crypto startups, the Financial Times reported.
The new fund is aiming to raise between $800 million and $1 billion from investors, the report said, citing people familiar with the matter.
The VC player was also a heavy investor in Coinbase, which recently went public on April 14. Andreessen Horowitz has sold off about $120 million of its Coinbase stock, although it held roughly $11 billion in the asset at the time of its listing, according to regulatory filings cited by FT.
The news of the development comes as cryptocurrencies surge in value this year, with a clutch of top-tier firms including Tesla Inc diving into space.