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04/20 11:10

Author: Gu Yu, ChainCatcher Amidst the overall de

#Bitcoin Up 2 Weeks: Beginning or End? #Daily $5000U Airdrop: One Tap to Claim #HTX DAO's First Hackathon Launches! Author: Gu Yu, ChainCatcher Amidst the overall decline of the crypto market, the assets under management (AUM) of almost all crypto VCs are shrinking, and the industry is entering a brutal shakeout cycle. However, against this backdrop, a crypto venture capital fund established less than five years ago stands out as a notable exception, forging an independent growth curve amidst the contraction. According to a batch of unpublished crypto VC financial disclosure documents obtained by Fortune magazine last week from the U.S. SEC, data shows that the AUM of leading institutions such as Paradigm, Pantera, a16z crypto, and Multicoin all shrank in 2025, with Multicoin shrinking by more than half. The only one to buck the trend is Haun Ventures, a venture capital fund established only four years ago, whose AUM has grown from an initial $1 billion to $2.5 billion in 2025. In the dismal crypto market, this is no accident. Last year, market rumors indicated that Haun Ventures was close to completing a new $1 billion funding round. These developments reflect that Haun Ventures and its founder, Katie Haun, have successfully validated their unique investment strategy through the market and limited partners (LPs), propelling them into the ranks of top-tier VCs. A Distinctive Founder Style and Background Haun Ventures' distinctiveness was foreshadowed from the outset. Founder Katie Haun is not a typical crypto investor. She served as a U.S. federal prosecutor for over a decade, investigating financial crimes and establishing the U.S. government's first cryptocurrency task force. In 2018, she became the first female partner at a16z, co-leading the fund's cryptocurrency fund. She also served on the board of Coinbase, thus possessing policy insight, institutional resources, and practical experience. This background allows her to understand the crypto industry
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