Leading Crypto VCs See Collective AUM Shrink: a16z Crypto Fund Management Scale Plummets 40%, Multicoin Halved

marsbitPubblicato 2026-04-18Pubblicato ultima volta 2026-04-18

Introduzione

Headline: Top crypto funds including a16z Crypto and Multicoin saw their Assets Under Management (AUM) decline significantly in 2025, according to undisclosed SEC filings obtained by Fortune. Key Points: - a16z Crypto’s AUM dropped nearly 40% to $9.5 billion, partly due to returning capital to LPs at a market peak. Its first crypto fund achieved a 5.4x DPI. - Multicoin’s AUM was halved to approximately $2.7 billion, impacted by the crypto market downturn and its hybrid hedge/VC fund structure. - Pantera Capital also reduced AUM, influenced by successful exits including five portfolio company IPOs like Circle and BitGo. - Haun Ventures was the exception, with AUM growing over 30% to nearly $2.5 billion, driven by the successful acquisition of portfolio company BVNK by Mastercard. - Despite AUM contractions, major firms are raising new funds: Paradigm targeting up to $1.5 billion, a16z Crypto seeking up to $2 billion, and Dragonfly closing a $650 million fund. The data highlights the high volatility and cyclical nature of crypto VC investments, where AUM fluctuations are heavily tied to token prices and market cycles rather than solely reflecting fund performance.

Original Author: Ben Weiss

Original Compilation: Deep Tide TechFlow

Guide: Fortune reporters obtained a batch of previously undisclosed financial disclosure documents from the SEC for crypto VCs. The data shows that the Assets Under Management (AUM) of top firms like Paradigm, Pantera, a16z crypto, and Multicoin shrank across the board in 2025. However, the shrinkage isn't all bad news—a16z crypto returned money to LPs at the market peak, with its first fund's DPI reaching 5.4x. The only firm that bucked the trend was Haun Ventures, which capitalized on the stablecoin sector through BVNK's acquisition by Mastercard.

The leading players in crypto VC couldn't escape the market crash of 2025.

Fortune reporter Ben Weiss obtained a set of previously undisclosed investment advisor financial disclosure documents from the U.S. Securities and Exchange Commission (SEC). The data is straightforward: the AUM of top firms like Paradigm and Pantera Capital collectively shrunk in 2025.

But the 2025 downturn pushed it back down. From 2024 to 2025, Multicoin's AUM was more than halved, dropping to approximately $2.7 billion. Since BTC began its plunge in October 2025, crypto assets have retreated across the board, and a structure like Multicoin's, which operates both hedge funds and VC funds, was hit particularly hard.

Additional context: Multicoin co-founder Kyle Samani left the company in February of this year to focus on other areas of technology investment.

Pantera: Five Portfolio Companies IPO, Capital Returned to LPs

Pantera Capital's AUM also shrank, but similar to a16z, part of the reason was主动 distributions back to LPs.

This institution, founded by former a16z crypto partner Katie Haun, saw its AUM increase by over 30% year-over-year, approaching $2.5 billion. On one hand, it was due to betting on the right sector—its investment in the stablecoin company BVNK was acquired by Mastercard for up to $1.8 billion. On the other hand, Haun Ventures itself also raised a new $1 billion fund in 2025.

Although AUM has shrunk, leading institutions have not stopped:

Paradigm is raising a new fund of up to $1.5 billion. a16z crypto is raising up to $2 billion. Dragonfly just closed its fourth fund of $650 million. Post-publication correction from Fortune: A Dragonfly spokesperson actually responded, confirming the data is "accurate" and stating "we are actively deploying capital".

Spokespersons for Paradigm, Pantera, a16z crypto, Multicoin, and Haun Ventures all declined to comment.

The Cyclical Destiny of Crypto VCs

The original article ends here, but a few background points are worth adding.

Crypto VCs are fundamentally different from traditional tech VCs. Traditional VCs invest in equity, with exits via IPO or M&A. Many crypto startups have their own tokens, exposing the VC's holdings directly to token price volatility.

According to Pantera Capital's outlook report earlier this year, the total crypto market cap excluding BTC (and excluding ETH and stablecoins) fell by about 44% from its late 2024 high. But following historical patterns, bear markets are also windows of opportunity for buying the dip. The密集 fund-raising by several leading institutions at this moment is a bet on the next cycle.

According to a previous Fortune exclusive, a16z crypto's fifth fund is planned to complete fundraising in the first half of 2026, led by Chris Dixon, and will continue to fully bet on the blockchain direction. Paradigm's new fund, according to The Wall Street Journal, will expand into AI and robotics technology. The divergence in the two strategies is clear: a16z continues all-in on crypto, while Paradigm chooses to hedge across sectors.

Domande pertinenti

QAccording to the SEC filings obtained by Fortune, which major crypto VC firms experienced a significant decline in AUM in 2025?

AAccording to the SEC filings, major crypto VC firms including Paradigm, Pantera Capital, a16z crypto, and Multicoin all experienced significant declines in their Assets Under Management (AUM) in 2025.

QWhy did a16z crypto's AUM drop by nearly 40%, and what positive outcome did this represent?

Aa16z crypto's AUM dropped by nearly 40% partly because the firm began distributing returns from its first three funds back to its Limited Partners (LPs), intentionally doing so at a market high in 2025. The positive outcome was that its first crypto fund achieved a net DPI (Distributed to Paid-In capital) of 5.4x, representing strong returns for its investors.

QWhat was the primary reason for Haun Ventures being the only firm to see an increase in AUM, and by how much did it grow?

AHaun Ventures was the only firm to see an increase in AUM, growing by over 30% to nearly $2.5 billion. This growth was primarily due to a successful investment in the stablecoin company BVNK, which was acquired by Mastercard for up to $1.8 billion, and the firm's own fundraising of a new $1 billion fund in 2025.

QHow does the article explain the fundamental difference between crypto VC and traditional tech VC that leads to such volatile AUM changes?

AThe article explains that the fundamental difference is that traditional VCs invest in equity and exit via IPO or acquisition, while many crypto startups have their own tokens. This means a crypto VC's holdings are directly exposed to the extreme volatility of token prices, leading to massive swings in AUM that are unimaginable in traditional venture capital.

QDespite the AUM declines, what actions are firms like Paradigm and a16z crypto taking, indicating their continued belief in the market?

ADespite the AUM declines, firms like Paradigm and a16z crypto are actively raising new funds, indicating their continued belief in the market. Paradigm is raising a new fund of up to $1.5 billion, and a16z crypto is raising a new fund of up to $2 billion.

Letture associate

The AI Agent Era Accelerates Its Arrival: Questflow Defines a New Paradigm of Financial Intelligence with On-Chain AI Brokerage

The AI Agent era is accelerating, with the CB Insights AI 100 list highlighting global investment confidence. The focus has shifted from whether AI works to its speed of deployment and ability to manage complex workflows, with autonomous AI Agents driving this transformation. At the forefront is Questflow, a Singapore-based startup redefining financial intelligence through its on-chain AI brokerage. Unlike tools that merely provide data dashboards, Questflow deploys AI Agents that proactively scan markets, form judgments, and execute trades via a conversational interface—operating 24/7 without requiring manual confirmation for each decision. This embodies the new AI paradigm of agents capable of executing multi-step workflows autonomously. Questflow's mission is to democratize institutional-grade trading intelligence. Historically reserved for the ultra-wealthy, this capability is now accessible starting from just $1 through Questflow's "AI Clone + Copy Trade" model. The platform charges only a 1% execution fee, aligning its incentives directly with users and eliminating traditional management or performance fees. The timing is opportune, aligning with key trends identified by CB Insights: the scalable deployment of AI Agents, accelerated AI adoption in financial services, and the maturation of on-chain infrastructure. With robust liquidity on platforms like Hyperliquid and Polymarket, alongside advancements in AI reasoning and non-custodial wallet security, Questflow is positioned to merge the roles of broker, fund, and exchange into a single, accessible platform for millions.

链捕手4 min fa

The AI Agent Era Accelerates Its Arrival: Questflow Defines a New Paradigm of Financial Intelligence with On-Chain AI Brokerage

链捕手4 min fa

Why Pricing Social Interactions is Doomed to Fail?

Titled "Why Putting a Price on Social Interaction Is Doomed to Fail," this article critiques attempts to monetize social networks directly through SocialFi models, arguing their inevitable failure stems from a fundamental misunderstanding of media dynamics. Using Marshall McLuhan's theory of "hot" and "cold" media, the author posits that social networks are inherently "cold" media. Their value isn't contained in individual posts but is co-created through user participation, interpretation, and fragmented, ongoing interaction (e.g., replies, shares). This ambiguity and need for user involvement are core to their function. The article asserts that SocialFi projects like Friend.tech failed because introducing real-time, tradable financial pricing (a definitive "hot" signal) into this "cold" environment doesn't add a layer—it replaces the medium's essence. The unambiguous price signal overshadows and nullifies the nuanced, participatory social signal. Users become traders, not participants, and when speculative profits vanish, the underlying social ecosystem—never genuinely cultivated—collapses entirely. This principle extends beyond crypto. The author argues platforms like Twitter have gradually "heated up" through metrics (likes, retweets counts, algorithmically defined value), shifting users from participants to performers and eroding organic engagement. The solution isn't to abandon capital but to manage its entry point. Successful models like Substack, Patreon, or Bandcamp allow capital to "condense" at specific, isolated nodes (e.g., subscriptions, one-time payments) without permeating and "heating" every social interaction. They preserve the core "cold," participatory medium while enabling monetization at designated boundaries. The NFT boom and bust serves as a stark parallel: the ancient "cold" medium of collecting (valued for story, community, gradual accumulation) was rapidly destroyed by platforms that introduced real-time floor prices, rarity scores, and trading dashboards, transforming collectors into speculators and vaporizing cultural value when prices fell. The core lesson: "Liquidity equals heat." Injecting high liquidity and definitive pricing into a "cold" participatory medium doesn't optimize it; it fundamentally alters and destroys its value-creating mechanism. The future lies not in pricing every social gesture but in finding precise, non-invasive points for capital to condense without overheating the entire ecosystem.

marsbit12 min fa

Why Pricing Social Interactions is Doomed to Fail?

marsbit12 min fa

Trump Media’s Crypto Bet Implodes With Massive $406M Quarterly Loss

Trump Media & Technology Group, parent company of Truth Social, reported a massive $406 million net loss in Q1 2026, sharply up from $31.7 million a year earlier. The collapse was driven primarily by $370 million in unrealized losses from digital asset investments. These include a $61 million loss on 756 million Cronos tokens and a nearly $500 million gap on 9,542 Bitcoin purchased near the 2025 market peak, though Bitcoin's recent recovery has reduced that paper loss. Adding to turmoil, CEO Devin Nunes resigned in late April. Meanwhile, the company's core media revenue was only $871,200, a minimal increase. Despite the financial losses, the company generated $18 million in operating cash flow by selling options on its pledged Bitcoin holdings. Its stock, once valued at over $97, now trades around $9, reflecting a more than 90% decline from its 2022 peak.

bitcoinist18 min fa

Trump Media’s Crypto Bet Implodes With Massive $406M Quarterly Loss

bitcoinist18 min fa

Bitcoin Volatility Returns as Price Tests Critical Indicator Level

Bitcoin experienced significant volatility, briefly surpassing $82,000 before falling back to around $80,000. This triggered over $400 million in liquidations within 24 hours, though the price later recovered moderately above $81,000. The key focus is Bitcoin's approach to the critical 200-day Exponential Moving Average (EMA), a major resistance level near $82,580 that has repeatedly capped price advances since November 2025. Analyst Brett suggests a sustained break above this level could signal the end of the bear market. However, failure to breach it has historically led to sharp declines, with an average drop of 30% from this rejection zone. If this pattern repeats, Bitcoin's price could potentially fall to around $56,600 from current levels. Despite the price pressure, cryptocurrency investment products saw a sixth consecutive week of inflows totaling $4.9 billion, supported by positive sentiment around US crypto legislation.

TheNewsCrypto43 min fa

Bitcoin Volatility Returns as Price Tests Critical Indicator Level

TheNewsCrypto43 min fa

Jensen Huang's CMU Speech: In the AI Era, Don't Just Watch, Build

Jensen Huang, CEO of NVIDIA and a first-generation immigrant, delivered the commencement address to Carnegie Mellon University's class of 2026. He shared his personal journey from a humble background to founding NVIDIA, emphasizing resilience, learning from failure, and the responsibility that comes with leadership. Huang framed the present moment as the dawn of the AI revolution, a shift he believes is more profound than previous computing waves. He described AI as fundamentally resetting computing—moving from human-written software to machines that understand, reason, and use tools. This will create a new industry for generating intelligence and transform every sector. While acknowledging AI's potential to automate tasks and displace some jobs, Huang distinguished between the *tasks* of a job and its core *purpose*. He argued AI will augment human capability, not replace humans. The real risk, he stated, is not AI itself, but people being left behind by those who effectively use AI. He presented AI as a generational opportunity for massive infrastructure investment—in chip factories, data centers, energy grids, and advanced manufacturing—that could re-industrialize nations like the U.S. and bridge the digital divide by making computing and intelligent tools accessible to all. Huang called for a balanced approach: advancing AI safely and responsibly, establishing prudent policies, ensuring broad access, and encouraging universal participation. He urged the graduates not to fear the future but to engage with optimism and ambition, reminding them of CMU's motto, "My heart is in the work." His core message was clear: this is their moment to actively build and shape the AI-powered future, not merely observe it.

marsbit1 h fa

Jensen Huang's CMU Speech: In the AI Era, Don't Just Watch, Build

marsbit1 h fa

Trading

Spot

Futures