Top crypto market VCs are reporting AUM declines amid the 2025 downturn. a16z’s four crypto funds dropped nearly 40% to $9.5 billion from 2024 levels, while Multicoin’s AUM fell to $2.7 billion. Pantera Capital exited positions through Circle and BitGo’s IPOs. Haun Ventures remains an outlier with AUM rising over 30% to $2.5 billion. Paradigm, a16z Crypto, and Dragonfly are now seeking to raise a combined $4.2 billion for new funds.

According to Fortune, during the 2025 crypto market downturn, leading crypto venture capital firms such as Paradigm, a16z, and Multicoin experienced widespread declines in assets under management (AUM). a16z’s four crypto funds saw their AUM drop nearly 40% from 2024 levels to $9.5 billion; however, the firm had already distributed capital to LPs at market peaks, with its first crypto fund, DPI, achieving a 5.4x return. Multicoin’s AUM halved from its peak to approximately $2.7 billion. Pantera Capital also completed exits and distributions through the IPOs of five portfolio companies, including Circle and BitGo. In contrast, Haun Ventures grew its AUM by over 30% year-over-year to approximately $2.5 billion. Currently, firms such as Paradigm, a16z crypto, and Dragonfly are actively raising new funds, with a combined target size exceeding $4.2 billion.