Andreessen Horowitz, the 10-year-old venture capital firm, is ready for its next chapter. That chapter includes raising a new growth fund and renouncing its status as a venture firm.

A new Forbes feature reports that Andreessen Horowitz will undergo a costly process that would morph it into a registered investment advisor. Why? This move would allow the firm to take even riskier bets. For instance, if the firm decides to put $1 billion into cryptocurrency or tokens, or buy unlimited shares in public companies or from other investors, it can. “What else are feathers for? They just like to get ruffled,” Andreessen tells Forbes. “The thing that stands out is the thing that’s different.”

What’s most interesting to me is the mention of Andreessen’s crypto play. Last year, the firm raised a $350 million fund to focus on investing in crypto assets and projects that build on blockchains. The fund is co-led by partners Chris Dixon and Katie Haun.

When the fund was announced, I noted that venture capital funds are…

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