The current state of top crypto VCs: Multicoin assets halved, a16z shrank by 40% and is busy distributing dividends.

According to SEC documents, top crypto VCs like Paradigm, Pantera, a16z crypto, and Multicoin saw AUM shrinkage in 2025.
However, AUM shrinkage doesn't necessarily indicate poor performance: a16z crypto distributed returns to LPs at market highs, with a DPI of 5.4x for its first fund.
Multicoin's AUM halved to approximately $2.7 billion, affected by crypto market volatility.
Pantera had capital returns to LPs due to five portfolio companies going public.
Haun Ventures was the only firm to grow, with AUM increasing over 30%, driven by BVNK's acquisition by Mastercard.
New fundraising rounds have started, with firms like Paradigm and a16z crypto raising new funds, showing divergent strategies.
Crypto VCs are cyclical and closely tied to token price fluctuations, with bear markets potentially offering investment opportunities.

Author: Ben Weiss , Fortune

Compiled by: Deep Tide TechFlow

Deep Dive: Fortune reporters obtained a batch of unpublished financial disclosure documents from the SEC, showing that the assets under management (AUM) of leading institutions such as Paradigm, Pantera, a16z crypto, and Multicoin all shrank in 2025. However, this decline wasn't entirely negative—a16z crypto returned funds to its LPs at market peaks, resulting in a 5.4x DPI for its first fund. The only firm to buck the trend was Haun Ventures, which capitalized on the stablecoin sector by being acquired by Mastercard through BVNK.

The leading players in crypto venture capital couldn't escape the market crash of 2025.

Fortune reporter Ben Weiss obtained a batch of previously unpublished financial disclosures from the U.S. Securities and Exchange Commission (SEC). The data is straightforward: the assets under management (AUM) of top firms like Paradigm and Pantera Capital will collectively shrink by 2025.

Caption: Changes in Assets Under Management (AUM) of Top Crypto VCs, 2021-2025

Illustration: Ben Weiss / Fortune

Before listing the numbers, one premise needs to be clarified: AUM is not a good indicator of a VC's success or failure. It does not reflect new rounds of financing, LP exits and distributions, or capital raising. Crypto asset prices are inherently volatile—a tweet from an emotionally unstable person can send the price on a rollercoaster ride (Musk, Trump, Changpeng Zhao, just pick one). Veteran crypto VCs have experienced the asset surge during the 2021 NFT craze and witnessed the subsequent portfolio crash during the "crypto winter."

The original author, Ben Weiss, also emphasized that truly top-tier investors ultimately return money to their limited partners (LPs). Short-term fluctuations in AUM do not equate to good or bad performance.

Once this premise is clear, let's look at the specific data.

a16z crypto: AUM has shrunk by nearly 40%, but the money was returned to LPs.

The combined assets under management (AUM) of a16z crypto's four crypto funds plummeted by nearly 40% from 2024 to $9.5 billion. During the same period, its parent company, Andreessen Horowitz, saw its assets under management balloon to over $100 billion.

One reason for the shrinkage is that the firm has begun distributing the profits from its first three funds back to its limited partners (LPs). According to sources, a16z crypto intends to distribute these profits at the peak of the crypto market in 2025.

How did it perform? According to Newcomer data, a16z's first crypto fund achieved a net DPI (distribution to paid-in capital ratio) of 5.4x. This return is quite impressive compared to other VC funds raised on the Carta platform during the same period in 2018.

In other words, the shrinkage of AUM in a16z crypto is more a result of "making money and returning it to LPs" than a result of "a sharp drop in holdings".

Multicoin: AUM halved to $2.7 billion

Multicoin Capital's fate is deeply intertwined with the crypto market. During the 2021 crypto frenzy, its AUM nearly tripled in a year, approaching $9 billion. After the FTX crash, its value plummeted, only to gradually rebound over the next two years.

However, the market downturn in 2025 pushed it back up. From 2024 to 2025, Multicoin's AUM shrank by more than half, falling to approximately $2.7 billion. Since BTC began its plunge in October 2025, crypto assets have fallen across the board, and Multicoin's structure, which simultaneously operates hedge funds and VC funds, has been hit hardest.

Adding some background information: Multicoin co-founder Kyle Samani left the company in February of this year to invest in other areas of the technology sector.

Pantera: Five portfolio companies went public, capital flowed back to LPs

Pantera Capital's AUM also shrank, but similar to a16z, partly due to its proactive withdrawal from distributions to LPs.

According to sources familiar with the matter, Pantera has five portfolio companies going public in 2025, including Circle and BitGo. These exits have brought in substantial cash inflows.

Haun Ventures: The only firm to buck the trend, with AUM rising over 30%.

Amidst widespread calls for downsizing, Haun Ventures stands out as the only exception.

Founded by former a16z crypto partner Katie Haun, the firm's AUM has grown by over 30% year-over-year, approaching $2.5 billion. This is partly due to its successful bet on a promising sector—its investment in stablecoin company BVNK was acquired by Mastercard for up to $1.8 billion. Furthermore, Haun Ventures itself plans to raise a new $1 billion fund in 2025.

A new round of fundraising has been launched.

Although AUM has shrunk, leading institutions have not stopped:

Paradigm is raising up to $1.5 billion in a new fund. a16z crypto is raising up to $2 billion. Dragonfly just closed its fourth fund of $650 million. Fortune later corrected the post: A Dragonfly spokesperson actually responded, confirming the data was "accurate" and stating, "We are actively deploying capital."

Spokespeople for Paradigm, Pantera, a16z crypto, Multicoin, and Haun Ventures all declined to comment.

The cyclical fate of crypto VC

The original text ends here, but there are a few background points worth adding.

Crypto VCs differ fundamentally from traditional tech VCs. Traditional VCs invest in equity and exit through IPOs or acquisitions. Many crypto startups have their own tokens, and VC holdings are directly exposed to token price fluctuations.

Multicoin is the most extreme example: according to a previous Fortune report, its assets increased by 20,287% from 2017 to 2021, only to fall back by 90% in 2022. Such magnitude is unimaginable in the traditional VC field.

According to Pantera Capital's outlook report earlier this year, the total market capitalization of non-BTC cryptocurrencies (excluding ETH and stablecoins) has fallen by approximately 44% from its peak in late 2024. However, historically, bear markets also present opportunities to buy at the bottom. Several leading institutions are currently raising funds intensively, betting on the next cycle.

According to a previous exclusive report by Fortune, a16z crypto plans to complete fundraising for its fifth fund in the first half of 2026, led by Chris Dixon, and will continue to heavily invest in blockchain. Paradigm's new fund, according to the Wall Street Journal, will expand into AI and robotics technologies. The two strategies are clearly diverging: a16z continues its all-in approach to crypto, while Paradigm chooses to hedge across different sectors.