TechFlow News: According to a Fortune report on April 16, during the 2025 crypto market downturn, leading crypto-focused venture capital firms—including Paradigm, a16z, and Multicoin—experienced broad declines in their assets under management (AUM). Specifically, a16z’s four crypto funds saw AUM fall nearly 40% year-on-year to $9.5 billion; however, the firm had already distributed capital to limited partners (LPs) at market highs, with its first crypto fund achieving a DPI of 5.4—a standout return performance. Multicoin’s AUM dropped roughly 50% from its peak to approximately $2.7 billion. Pantera Capital also completed exit distributions via the IPOs of five portfolio companies, including Circle and BitGo. In contrast, Haun Ventures grew its AUM by over 30% year-on-year to around $2.5 billion. Currently, institutions including Paradigm, a16z Crypto, and Dragonfly are actively fundraising for new funds, with a combined target size exceeding $4.2 billion.
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