Leading Crypto VCs See Collective AUM Shrink: a16z Crypto Fund Management Scale Plummets 40%, Multicoin Halved
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.
marsbit10 ч. назад
