Andreessen Horowitz (a16z), one in all Silicon Valley’s main enterprise capital corporations, is shifting its crypto focus again to the US, cutting down its ambitions within the UK, in response to a report from the Monetary Instances.
The choice comes after Donald Trump’s re-election and his administration’s government order aimed toward selling crypto belongings and exploring a nationwide digital asset stockpile.
The enterprise capital agency, which opened its first worldwide workplace in London in 2023, plans to scale back each investments and operations within the UK, in response to two folks accustomed to the discussions.
The shift comes as a16z’s founders Marc Andreessen and Ben Horowitz have emerged as Trump supporters and coverage advisors. Sriram Krishnan, who beforehand led the agency’s London initiative, stepped down final 12 months to affix the Trump administration.
Andreessen Horowitz’s pivot displays its renewed give attention to US crypto alternatives, the place Trump’s government order has fueled optimism for lighter laws.
Bitcoin costs have surged following the election, pushed by expectations that the administration will promote a good setting for the digital asset sector.
On Inauguration Day, Bitcoin reached a brand new all-time excessive, surpassing $109,000, additional reflecting optimism round the way forward for crypto beneath Trump’s management.
Whereas a16z maintains its skill to pursue UK offers by way of US-based companions, one UK official advised the Monetary Instances the agency’s native presence was “by no means actually right here,” with decision-making remaining centralized within the US.
The Silicon Valley agency, which manages $43 billion in dedicated capital, had beforehand backed UK-based crypto tasks together with Arweave, Aztec, and Inconceivable.
