Paradigm announced a fourth fund of $1.2 billion to back builders across crypto, AI, robotics and other frontier technologies. The firm says it began with crypto and will continue investing in crypto, but the new fund makes the broader mandate explicit, including examples from autonomous delivery, manufacturing, space defense, AI and market infrastructure.

This matters because crypto-native capital is no longer staying inside a single vertical. The same investors are now looking at AI agents, payments, prediction markets and infrastructure as connected technical layers.

The second-order risk is dilution of focus: broader mandates can open better deal flow, but they can also make it harder for crypto founders to know whether a fund is still a specialist or becoming a general frontier-tech investor.

Next, watch whether Paradigm’s crypto infrastructure work keeps pace with its AI and robotics expansion.