Top crypto VCs see shrinking returns, with exits and distributions continuing to slow.

Leading crypto VCs such as Paradigm, Pantera Capital, a16z crypto, and Multicoin generally saw their assets under management (AUM) shrink during the 2025 market downturn. a16z crypto's four crypto funds saw their AUM drop by approximately 40% to $9.5 billion from 2024 to 2025, partly due to large-scale fund redemptions to LPs from its first three funds, and allegations of concentrated allocations during the 2025 market peak, with its first fund achieving a net DPI of 5.4. Pantera also distributed funds to investors after the IPOs of five companies, including Circle and BitGo. Multicoin's AUM was affected by the FTX collapse and the significant Bitcoin correction since October 2024, falling from its peak to approximately $2.7 billion. In contrast, Haun Ventures' AUM grew by over 30% year-on-year.