Gate News message, April 16 — During the 2025 crypto market downturn, leading venture capital firms including Paradigm, a16z, and Multicoin experienced substantial declines in assets under management. a16z’s four crypto funds saw AUM drop nearly 40% to $9.5 billion compared to 2024, though the firm distributed capital to LPs at market peaks, with its first crypto fund DPI achieving a 5.4x return multiple. Multicoin’s AUM was halved from its peak to approximately $2.7 billion.
Pantera Capital completed exits through initial public offerings of five portfolio companies including Circle and BitGo. Against the broader trend, Haun Ventures grew AUM by over 30% to approximately $2.5 billion. Meanwhile, Paradigm, a16z crypto, and Dragonfly are actively raising new funds with combined target sizes exceeding $4.2 billion.
The shift reflects both market cyclicality and divergent performance among crypto-focused investment firms during the extended downturn period.
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