Crypto is boring right now, and AI is hot, so it’s no wonder that a growing list of digital asset VCs are expanding their focus beyond blockchain. San Francisco-based Framework Ventures is the latest investor to join the trend, and the firm announced on Friday that it raised $400 million for its fourth fund.
Framework cofounders Vance Spencer and Michael Anderson declined to name their LPs but said contributors to their fourth stash of capital include funds of funds, an Ivy League endowment, sovereign wealth funds, and nonprofits. The VC held $1.28 billion in assets under management in December 2025, according to a filing with the Securities and Exchange Commission.
The firm plans to use its new capital to invest in what Spencer and Anderson called “frontier technology,” a sweeping term that not only includes crypto but also AI, robotics, and energy, said the duo. While it may seem like Framework is jumping on the AI bandwagon, the VC is actually following the shifting interests of its network of founders, said Anderson.
“We can see these founders leading us in this direction,” he added. “We should pay attention.”
Inevitably, as AI saturates every nook and cranny of Silicon Valley (even the billboards), investors who got their start in crypto can’t help but keep up. In fact, Framework has hosted reading AI research paper reading sessions at its San Francisco office on the weekends, said Anderson. “Just because we’re crypto,” he said, “doesn’t mean that we haven’t been paying attention.”
See you next week,
