The great divide in tech capital
Andreessen Horowitz's crypto arm is raising a fifth fund targeting $2 billion, aiming to close by mid-2026 according to Fortune — even as family offices controlling billions signal they're pivoting toward AI and away from digital assets. The contrast is sharp: while a16z's Chris Dixon-led team continues its aggressive blockchain thesis, Hong Kong-based family offices are planning to reduce crypto exposure over the next three years in favor of private equity and AI startups, according to a report commissioned by local authorities.
The split reflects a fundamental disagreement about where crypto fits in the innovation stack. "Crypto doesn't belong in an AI portfolio as it's a different animal," said a former Snap strategy chief and Credit Suisse banker, articulating what many ultra-wealthy investors now believe. Meanwhile, U.S. family offices like Laurene Powell Jobs' Emerson Collective are pouring capital into AI startups despite bubble fears — February 2026 broke records for AI startup fundraising. Crypto barely got a mention.
When stablecoin issuers become venture capitalists
The most interesting crypto-to-tech crossover isn't coming from traditional VCs — it's coming from companies sitting on massive digital asset treasuries. Tether just led a $50 million round in Eight Sleep, an AI sleep tracking firm now valued at $1.5 billion, partnering to integrate health tech through its QVAC architecture. And Eightco Holdings, which holds 277 million WLD tokens and 11,000 ether, secured a $125 million funding commitment while simultaneously investing in OpenAI and Beast Industries. These aren't diversification plays — they're companies with crypto balance sheets funding the next wave of AI infrastructure.
Metaplanet is taking a different approach, forming a new venture firm to support Japan-based Bitcoin projects in payments, lending, stablecoins, and tokenization. The playbook: use Bitcoin holdings as permanent capital to fund infrastructure that makes Bitcoin more useful. It's vertical integration disguised as venture capital.
The Multicoin bet that labor markets, not speculation, onboard the next billion users
Multicoin Capital is making a contrarian wager that "Internet Labor Markets" will drive crypto's next adoption wave. According to the firm, future users will earn crypto by contributing work rather than buying tokens outright — a direct challenge to the speculative trading model that's dominated the industry. It's a theory that would explain why traditional family offices are skeptical: if crypto's value proposition shifts from asset appreciation to work infrastructure, it looks less like venture capital and more like labor market disruption.
Meanwhile, institutional adoption is advancing through retirement accounts. VanEck crypto ETFs are now available on fintech 401(k) provider Basic Capital, offering retirement savers exposure to digital assets through exchange-traded funds. And the New York Stock Exchange's parent company invested in crypto exchange OKX at a $25 billion valuation as part of a push into tokenized stocks — the OKB token surged 38% on the news. The message: crypto might not be in AI portfolios, but it's definitely in pension portfolios.
What to watch: will crypto VCs outlast the family office exodus?
A16z's $2 billion raise will test whether dedicated crypto funds can deliver returns that justify their existence as a standalone asset class. If Multicoin's labor market thesis plays out, crypto adoption could decouple from speculative trading entirely — which would vindicate the "different animal" skeptics. But if stablecoin issuers like Tether keep funding AI infrastructure with their crypto treasuries, the boundary between crypto capital and tech capital may dissolve entirely. The real question isn't whether crypto belongs in AI portfolios — it's whether the distinction will matter in three years.