Affected by market downturn and dividend distribution to investors, the investment portfolio value of funds such as Paradigm and a16z has shrunk According to Foresight News, top cryptocurrency venture capital funds such as Paradigm, Pantera Capital, and a16z have seen their portfolio values shrink due to market downturns and dividend payouts to investors, as reported by Fortune magazine. \Taking a16z crypto as an example. According to data from the US Securities and Exchange Commission, the total assets under management of its four cryptocurrency funds plummeted nearly 40% to $9.5 billion between 2024 and 2025. Meanwhile, the holding size of its parent company Andreessen Horowitz soared to over $100 billion. According to insiders, part of the reason is that this venture capital giant has started returning funds to investors of its first three funds. These insiders requested anonymity due to their involvement in private business transactions. A source told me that a16z cryptocurrency company has chosen to return near the peak of the cryptocurrency market in 2025. In fact, according to Newcomer, the net DPI (the amount returned to paid up capital) of a16z's first cryptocurrency fund is 5.4%. According to Carta's data, these returns are very impressive compared to other venture capital firms that raised funds in 2018. \Another source familiar with the venture capital firm's operations said that Pantera Capital also returned funds to investors in 2025, thanks to the listing of its five portfolio companies, including Circle and BitGo. \Only one top investment institution has achieved an increase in asset size. Haun Ventures, founded by former a16z partner Katie Haun, has seen its managed assets grow by over 30% year-on-year, reaching nearly $2.5 billion.