A16z's recent rebranding away from a crypto-exclusive identity signals what has been an undercurrent in the VC space for two years: approximately half of the top 25 crypto venture firms, ranked by deal count, have deployed capital into non-crypto sectors.
The remaining half have maintained pure crypto-only mandates, focusing exclusively on digital asset startups and protocols.
The split reflects a broader recalibration in how crypto-native capital allocators view their investment thesis. Funds that diversified have moved into traditional technology and innovation sectors beyond blockchain and DeFi. Those maintaining crypto exclusivity continue to bet on protocol development and on-chain infrastructure.
