A16z’s flagship crypto fund dropped 40 in value

A16z’s flagship crypto fund dropped 40% in value in the first half of this year, according to a Wall Street Journal report citing people familiar with the matter. This compares to the end of last year, when the company’s first crypto fund, launched in 2018, saw 10.6x paper returns on its investments. To date, the company has raised more than $7.6 billion in crypto and web3 startups across four funds, the most recent of which launched in May. At the time, general partner Arianna Simpson said that “bear markets are often when the best opportunities come about” — but the company’s recent investment track record doesn’t seem to back this up.