Digital Asset Holdings raises funds at $2B valuation, backed by a16z crypto

Digital Asset Holdings, the enterprise blockchain company behind the Canton protocol, is raising capital at a $2 billion valuation with a16z crypto among its investors.

What we know about the raise

The fundraise puts Digital Asset Holdings in rare company. A $2 billion valuation represents a significant step up for a firm that has historically raised over $300 million across its lifetime.

Andreessen Horowitz’s crypto fund is participating in the round. The venture firm’s crypto arm has deployed billions since launching in 2018, with total funds raised reaching $7.6 billion across multiple vintages.

a16z crypto is currently in the process of raising its fifth dedicated fund, targeting $2 billion with an expected close in the first half of 2026. That target is meaningfully smaller than the $4.5 billion it raised for its fourth fund back in 2023.

Digital Asset Holdings and the Canton protocol

Founded in 2014, Digital Asset Holdings has been building blockchain technology for financial institutions longer than most crypto projects have existed. The company’s flagship product is the Canton protocol, a network designed to enable tokenization of real-world assets for banks, exchanges, and asset managers.

What this means for investors

Chris Dixon, the fund’s managing partner, led a $33 million seed round into AI startup Yupp.ai that failed in April 2025 despite attracting 1.3 million users.

The crypto venture capital market has cooled dramatically since the frothy days of 2021 and early 2022. Against that backdrop, a $2 billion valuation for an enterprise blockchain company is a strong signal, particularly given that a16z crypto is raising a smaller fund this cycle.

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