Top crypto market VCs are reporting AUM declines amid the 2025 downturn. a16z’s four crypto funds dropped nearly 40% to $9.5 billion from 2024 levels, while Multicoin’s AUM fell to $2.7 billion. Pantera Capital exited positions through Circle and BitGo’s IPOs. Haun Ventures remains an outlier with AUM rising over 30% to $2.5 billion. Paradigm, a16z Crypto, and Dragonfly are now seeking to raise a combined $4.2 billion for new funds.

According to Fortune, during the 2025 crypto market downturn,