Andreessen Horowitz (a16z) raised a record-breaking $4.5 billion cryptocurrency fund in May 2022, but it appears to have completely missed the market. By then, Bitcoin prices had fallen 55% from their peak, while Coinbase's stock price had plummeted by about 80%. Both companies would remain in the doldrums for more than a year. But now, the cryptocurrency investment firm is starting to see returns, at least on paper. By some metrics, the crypto fund has outperformed other funds raised during the 2020-22 pandemic investment boom. (The Information)