The landscape for venture capital firms that once specialized predominantly in digital assets is undergoing a discernible shift. Framework Ventures, a prominent San Francisco-based investor, recently announced the close of its fourth fund, amassing $400 million. This capital infusion marks a pivotal moment for the firm, as it explicitly broadens its investment mandate to encompass a wider array of “frontier technology” sectors, moving beyond its foundational commitment to blockchain and decentralized finance.
Cofounders Vance Spencer and Michael Anderson, while not disclosing specific limited partners, indicated that the new fund drew significant interest from a diverse group of investors. This includes various funds of funds, a notable Ivy League endowment, sovereign wealth funds, and a number of nonprofit organizations. This diverse backing underscores a growing institutional confidence in Framework’s expanded vision, even as the crypto market itself has seen a period of subdued activity. According to a December 2025 filing with the Securities and Exchange Commission, the firm’s assets under management previously stood at $1.28 billion, reflecting its substantial growth prior to this latest capital raise.
The strategic pivot, as articulated by Spencer and Anderson, is not merely an opportunistic chase for the latest trend. Instead, it is presented as a response to the evolving interests of the founders within their network. Anderson specifically noted that these founders are increasingly exploring areas like artificial intelligence, robotics, and energy, prompting the firm to “pay attention” and align its investment thesis accordingly. This perspective suggests a symbiotic relationship where the venture firm adapts to the innovations emerging from its portfolio companies and the broader entrepreneurial ecosystem.
This expansion by Framework Ventures is not an isolated incident within the venture capital space. Other major players in digital assets have also begun to diversify their portfolios. Paradigm, recognized as one of the largest digital asset VCs, is reportedly in the process of raising up to $1.5 billion for a new fund that will similarly target AI and robotics alongside crypto. Haun Ventures, established by a former partner from Andreessen Horowitz’s crypto division, has also broadened its scope, securing $1 billion for a second fund that spans blockchain, AI, financial services, and alternative assets. These parallel moves suggest a broader industry recalibration in response to market dynamics.
Framework Ventures initially carved out its reputation as an early supporter of decentralized finance (DeFi) protocols, having launched in 2019. Despite Spencer and Anderson’s backgrounds at large technology firms like Netflix and Snapchat, they successfully cultivated relationships within the often-anonymous crypto community, earning credibility for their early bets on projects such as the crypto lender Aave and the blockchain data network Chainlink. Both protocols have since become significant entities within the DeFi landscape. The firm’s earlier growth reflected this success, raising $100 million for a second fund in 2021 and another $400 million for a third fund the following year, both dedicated to crypto investments.
However, the current climate presents a different narrative. With Bitcoin approaching lows not seen since 2024 and the broader crypto market experiencing a prolonged downturn, the enthusiasm has shifted. Concurrently, AI companies like Anthropic and OpenAI have witnessed substantial valuation increases, attracting significant venture capital as investors anticipate potentially historic returns through future public offerings. Framework Ventures has already begun deploying capital from its new fund, with approximately half committed. This includes investments in non-crypto ventures such as Mecka AI, a robotics data startup, and a stake in the publicly traded mortgage issuer Better.com. The firm’s embrace of AI is also evident in its internal culture, with Anderson mentioning that Framework has hosted weekend reading sessions for AI research papers at its San Francisco office. This internal commitment underscores their assertion that despite their crypto origins, they have remained acutely aware of the shifting technological currents.
