Who’s active on the frontier.

Strategic backer — they invest where Coinbase L2 + product can syndicate distribution. Less price-sensitive, more distribution-sensitive. Good signal for projects targeting US institutional rails.

Highest volume seed-stage active in AI × Crypto right now. Their portfolio breadth is the signal — they are seeing every deal, even the ones nobody else writes about. Worth tracking for sector flow.

Strong infra thesis discipline. Their Nava lead bet signals they see fragmentation in the agent rails layer, not consolidation. Watch their follow-on cadence — they double down on conviction.

Top-tier conviction signal. When a16z Crypto leads, half the LP universe inherits the diligence. Active across the entire AI × Crypto frontier from Seed through Series B+. Identity-layer thesis (Skyfire) signals where they think value accrues in the agent stack.

Highest density of repeat-founder backers in the space. Quiet, selective, and patient — they wait for the right round. When Paradigm leads, the cap table stays clean.

DePIN pioneers extended into AI × Crypto. Strong thesis writers — their public memos are required reading. Look for their next inference bet.

Asia + US hybrid coverage gives them deal flow most US funds miss. Strong on agent infra thesis in 2026 — watch their public letters for the next macro call.

Earliest-stage discipline. Best fit for solo founders or small teams with a sharp consumer thesis. Their writeups on agent UX are some of the clearest in the space.