Haun Ventures secures $1 billion for funds focused on cryptocurrency and AI agents following successful stablecoin exits that benefit limited partners.

      Katie Haun has secured $1 billion for two new funds under Haun Ventures, with an equal focus on early and later-stage investments, which are set to be utilized over the next two to three years. This capital will be directed towards crypto and blockchain companies, continuing the firm’s focus since Haun departed from Andreessen Horowitz in 2022 to establish her own venture. However, what is more significant is the strategic shift in focus; she is branching out into AI agents and financial infrastructure. Haun is convinced that the emerging generation of autonomous software will require regulated financial systems before it can improve its models, and believes that the companies with experience in stablecoin infrastructure are uniquely equipped to develop these systems.

      Haun clarifies the scope of her investment approach, stating, “We’re not pivoting to be an AI fund. We want to do AI that is in our lane,” which she defines as financial services. Haun Ventures is keen on startups that are creating AI agents and the infrastructure necessary for consumers and businesses to access financial products at any time, removing traditional limitations such as deadlines for transferring money. The focus is precise: it is not about general-purpose AI or foundational models, but rather the convergence of autonomous software and regulated finance.

      Haun Ventures has begun investing based on this outlook. The firm is one of the major backers of Erebor, a digital bank founded by Anduril Industries’ Palmer Luckey and supported by Peter Thiel’s Founders Fund. Approved for FDIC deposit insurance in late 2025 and having raised $350 million at a $4.35 billion valuation, Erebor is intended to support tech companies engaging with digital assets, AI, defense, and manufacturing. It represents a new category of institution: a federally regulated bank tailored for companies developing AI agents, rather than for end-users.

      The infrastructure to facilitate AI agents in the financial sector is being actively developed. Stripe has initiated a machine payments preview that incorporates stablecoin settlements for agent-to-agent transactions, while Mastercard has introduced its Agent Pay program. Additionally, PayPal and Google have unveiled a joint Agent Payments Protocol, and Visa is working on tokenization systems for autonomous purchases. A common realization among major payment firms is that AI agents require their own financial infrastructure, and those building these systems will capture a portion of the value that AI laboratories cannot.

      Haun’s credibility for this venture is supported by the successes of her initial fund. Major exits include Stripe's acquisition of Bridge for $1.1 billion, which marked a significant rise from its valuation of $100 million at the time of Haun Ventures’ investment. Around a year later, Mastercard bought BVNK for $1.8 billion, setting a record for stablecoin acquisitions, after Haun Ventures initially invested at a valuation of $678 million. Both exits confirmed the understanding that stablecoin infrastructure is vital financial plumbing, with traditional payment companies emerging as acquirers rather than other crypto firms.

      Not every investment has been fruitful; Haun Ventures had stakes in OpenSea when its valuation was pegged at $13.3 billion, but it was later marked down to $1.4 billion. However, the firm capitalized on distressed crypto assets during the downturn following the FTX collapse, selling them at peak prices in 2025 and returning capital to limited partners. Joelle Kayden, founder of Accolade Partners and a limited partner in the fund, highlighted the staking strategy and token trading as significant drivers of investor returns. The new fund is slightly smaller than the initial one due to expectations of less volatility in liquid token prices, indicating that while the crypto aspect of the strategy is maturing, the AI-focused side is expanding.

      Haun is not the only investor from the crypto realm broadening horizons. Paradigm, a leading crypto-focused venture firm, raised $1.5 billion in February for a new fund that will invest in AI and robotics alongside its core blockchain initiatives. Matt Huang, Paradigm’s co-founder, mentioned that “developments in AI are too interesting to ignore,” yet they plan to focus on the overlap of AI and crypto instead of competing in general-purpose AI funding. Meanwhile, large amounts have been raised by firms like Sequoia, Thrive Capital, and Andreessen Horowitz, rendering Haun’s $1 billion more modest. Nevertheless, her fund is not vying for the same opportunities; it is concentrating on investments that lie at the intersection of dedicated AI and dedicated crypto funds, a niche that has only emerged in recent years.

      Venture firms that made early investments in AI and alternative assets are now yielding remarkable returns, and those that weathered the crypto downturn with their reputations intact are positioned to attract investments from limited partners seeking exposure to both sectors without increasing their number of fund managers. Haun pitches Haun Ventures to limited partners as a single allocation that comprehensively understands tokenized assets, stablecoin infrastructure, and regulatory risks, enabling it to apply this knowledge to the financial