Haun Ventures, the San Francisco-based crypto venture capital firm founded by former federal prosecutor and Andreessen Horowitz general partner Katie Haun, has closed $1 billion across two new funds. The announcement came on May 4, 2026, and marks the firm's first major fundraise since its record-breaking 2022 debut. The new capital will be deployed over two to three years, with a mandate that now formally includes AI agents alongside the firm's existing focus on blockchain and financial infrastructure.

The two funds are structured symmetrically: $500 million targeting early-stage companies and $500 million reserved for late-stage investments. This follows a similar dual-fund structure to the firm's 2022 debut, though the allocation has shifted considerably: that raise totaled $1.5 billion, split between $500 million for early-stage and $1 billion for late-stage investments, and was the largest inaugural fund ever raised by a first-time female venture capitalist. The late-stage tranche has been halved in the new raise, bringing total new commitments to $1 billion. With the new close, the firm's total assets under management grow from roughly $1 billion to approximately $2.5 billion. Fortune first reported that Haun was targeting $1 billion in March 2025, making the formal close roughly 14 months later, a timeline that reflects the difficult fundraising environment that has tested many firms in the sector.

Notably, by mid-2023 only approximately 30% of the 2022 debut fund had been deployed, a disciplined and measured pace that distinguished Haun from more aggressive peers and offers useful context for how the firm may approach deploying the new capital. In a separate development between the two fundraises, Diogo Mónica, co-founder of Anchorage Digital, joined Haun Ventures as a general partner in 2024.

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A Track Record Built on Stablecoin Bets

The fundraise arrives on the back of two high-profile exits that have defined Haun's reputation in the current cycle. The firm was an early backer of Bridge, a stablecoin infrastructure company that Stripe acquired for $1.1 billion in October 2024, which stood at the time as the largest acquisition in crypto history. More recently, Haun led a $50 million Series B round into BVNK, a business-to-business stablecoin payments company, at a $750 million valuation in December 2024. Mastercard acquired BVNK for up to $1.8 billion in March 2026, a roughly 2.4x step-up in valuation in just over a year.

These exits matter beyond their headline numbers. Bridge and BVNK both sit at the layer where stablecoins (dollar-pegged digital tokens that move on public blockchains) plug into real-world payment systems. That infrastructure thesis now underpins the new fund's direction. According to Bloomberg, the firm's stated investment mandate targets companies at the intersection of financial services, artificial intelligence, and alternative assets.

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The AI Agents Pivot

The explicit inclusion of AI agents in the fund mandate reflects a broader shift in how investors are thinking about blockchain's role in an increasingly automated economy. AI agents are software programs capable of taking actions autonomously, including executing financial transactions. Stablecoin rails, which settle in seconds at near-zero cost, are emerging as the preferred payment layer for agent-driven systems.

The x402 protocol, already live on the Base and Solana blockchains, is one example of infrastructure built for agent-to-agent micropayments. Haun's positioning in this space represents a deliberate bet on the convergence of AI capability and crypto payment infrastructure at a moment when the field is still taking shape.

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Bucking an Industry Trend

Haun's growth stands out because many of its peers are shrinking. According to data from ChainCatcher reported by PANews, Andreessen Horowitz's crypto fund management scale dropped approximately 40% from its peak, while Multicoin Capital was cut by roughly half. Haun Ventures is described in that same analysis as the only top-tier crypto fund to record counter-trend AUM growth, with a year-on-year increase exceeding 30%. These figures originate from secondary sources and have not been independently verified.

The broader market context is uneven. Crypto venture capital raised $9.26 billion across roughly 280 deals in Q1 2026, up 13.6% year over year, with approximately 600 active VCs counted during the quarter, the lowest figure in 12 quarters and a sign of ongoing consolidation across the sector. April, however, saw funding collapse to approximately $660 million, the lowest monthly figure since early 2025. The payments sector led Q1 activity with $2.67 billion raised, accounting for 29% of total crypto VC capital for the quarter.

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Regional Stakes: Africa and South Asia

For users outside the United States, the practical significance of Haun's portfolio thesis runs deeper than venture returns. Stablecoins now account for 43% of all crypto transaction volume in Sub-Saharan Africa, the highest proportion of any region globally, according to data cited in a contributed post on Finextra by Mouloukou Sanoh. The average cost of sending a remittance to Sub-Saharan Africa sits at 8.78% of the transfer amount, per World Bank figures. Stablecoin-based transfers can reduce that cost to under 1%, according to industry estimates.

Both Bridge and BVNK have relevance to these corridors. India, the world's largest remittance recipient, and high-volume African markets including Nigeria, Kenya, South Africa, Tanzania, and the DRC are precisely the environments where cheaper, faster settlement infrastructure has the most immediate human impact. The AI agent angle adds a longer-term dimension: agent-mediated financial services could reach unbanked populations in mobile-first markets without requiring traditional banking relationships.

That said, Haun Ventures does not appear to have a dedicated regional fund or local presence in Africa or South Asia. Access to the firm's capital remains a structural challenge for founders based outside the United States.

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What Comes Next

Haun is not alone in the field. Andreessen Horowitz is targeting approximately $2 billion for its fifth crypto fund, with a close originally reported as planned for the first half of 2026; whether that close has been finalized as of publication has not been confirmed. Paradigm is seeking up to $1.5 billion with an infrastructure focus. The competition for deals at the stablecoin and AI agent intersection is intensifying precisely as the global stablecoin supply reached $273 billion as of March 2026 and annual adjusted stablecoin transaction volume hit $10.9 trillion in 2025, approaching Visa's $14.2 trillion in annual payments volume. Haun's early positioning in both areas gives it a portfolio foundation that its new limited partners have backed with $1 billion in fresh capital.

Verse Press has requested comment from Haun Ventures. This article will be updated if a response is received.