Digital Asset Holdings, the company behind Canton Network — a privacy-preserving public blockchain used by several major banks and trading firms — is raising approximately $300 million at a $2 billion valuation, with Andreessen Horowitz’s crypto arm leading the round, according to Bloomberg.

The financing has not yet closed and the final amount raised could change, Bloomberg reported on Sunday, citing people familiar with the matter who asked not to be identified. Digital Asset and a16z did not respond to requests for comment.

The round follows a $50 million raise Digital Asset completed late last year from backers including Bank of New York Mellon and Nasdaq. It also lands days after a16z crypto closed its fifth dedicated crypto fund at $2.2 billion, bringing its total crypto capital to just shy of $10 billion across five funds. In announcing that fund, the firm pointed to stablecoins, prediction markets, and tokenisation as the sectors where it sees the most durable adoption — precisely the use cases Canton Network was designed to serve.

Canton is a public blockchain with built-in privacy controls, a combination billed as making it suited to financial institutions that need to transact on shared infrastructure without exposing sensitive data to all participants. Several of Digital Asset’s existing investors, including Tradeweb Markets, are already using Canton or are involved with its governing entity, the Global Synchronizer Foundation. Digital Asset’s backers also include DRW Holdings and Citadel Securities, two of the largest trading firms in the world.

The raise arrives as broader venture capital investment in crypto has pulled back significantly from its 2021–2022 peak. Crypto VC funding fell last month to its lowest level since June 2025 by one estimate, and several historically active funds in the space have shifted attention toward AI and robotics. Against that backdrop, a $300 million round led by the sector’s largest dedicated fund carries a clear signal: institutional blockchain infrastructure is being treated as a distinct category from the speculative end of crypto, and it is still attracting serious capital.

For a16z, the Digital Asset investment fits the thesis its partners laid out in the Crypto Fund V announcement — that the current quieter moment in the cycle is where lasting infrastructure gets funded, and that the builders turning that infrastructure into products used in mainstream capital markets are where the durable value will accrue.

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