[Top Crypto Venture Capitals See AUM Shrink, Haun Ventures Defies the Trend with Growth] According to Fortune, during the crypto market downturn in 2025, leading crypto venture capitals such as Paradigm, a16z, and Multicoin experienced significant declines in assets under management (AUM). a16z's four crypto funds saw their AUM drop nearly 40% from 2024 levels to $9.5 billion, though the firm had distributed capital to LPs at market highs, with the first crypto fund achieving a DPI of 5.4. Multicoin's AUM was halved from its peak to approximately $2.7 billion. Pantera Capital exited investments in five portfolio companies, including Circle and BitGo, through public listings. Haun Ventures, on the other hand, saw its AUM grow by over 30% year-over-year to approximately $2.5 billion. Institutions such as Paradigm, a16z crypto, and Dragonfly are currently raising new funds, with a combined target size exceeding $4.2 billion.