Venture capital giant Andreessen Horowitz is reportedly planning to establish a new billion-dollar fund that is geared toward the growing crypto ecosystem. 

London-based news outlet Financial Times cites four people familiar with the matter who say that the new fund aims to raise between $800 million to $1 billion to invest in cryptocurrencies as well as crypto startups.

With the target amount, Andreessen’s third crypto investment fund could be nearly two times bigger than the $515 million Crypto Fund II, which the VC giant launched for crypto networks and businesses last year. 

It could also make the new fund one of the largest capital pools focused on crypto, rivaling that of investment firm Paradigm, which raised a total of $1 billion from investors.

Andreessen is building up the investment fund after successfully investing in Coinbase. The Silicon Valley-based company is one of the two largest outside investors of the crypto exchange, along with Union Square. 

Coinbase is now valued at nearly $60 billion after it debuted on Nasdaq earlier this month. Regulatory filings show that Andreessen has sold close to $120 million of its stake in the crypto exchange since it went public. 

The report comes weeks after CoinShares CSO Meltem Demirors predicted that early Coinbase investors are likely to reinvest their profits back in the crypto markets.

“The Coinbase IPO is going to mint hundreds, if not thousands, of multimillionaires and billionaires who all love crypto and are probably going to take some of their listing proceeds and continue to invest in the crypto ecosystem.

There’s really this nice recursive effect where this industry isn’t just about the assets. It’s now really about the companies, which we’ve been investing in for almost a decade now.”

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