Major crypto VCs see sharp AUM decline in 2025

The total assets under management (AUM) for major crypto venture capital firms like Paradigm and Pantera Capital saw a significant decrease in 2025, Fortune Crypto exclusively reported. The total AUM across four funds at a16z Crypto fell by approximately 40% between 2024 and 2025 to $9.5 billion. Pantera Capital also experienced a decline in AUM, which was partly attributed to the distribution of capital to investors from its early funds following the public listings of five portfolio companies, including Circle (CRCL) and BitGo (BTGO). Additionally, Multicoin Capital's AUM dropped by more than half in one year to $2.7 billion, influenced by factors such as the decline in BTC's price. Among the firms surveyed, only Haun Ventures showed an increase, with its AUM reaching $2.5 billion due to successful new fund formations and investment exits. Meanwhile, Paradigm and a16z Crypto are reportedly in the process of raising new funds, each targeting between $1.5 billion and $2 billion.