Head encryption VC on-paper returns shrink, exit and distribution continue to slow down

Coin World News reports that leading crypto VCs such as Paradigm, Pantera Capital, a16z crypto, and Multicoin generally saw their assets under management (AUM) shrink during the market downturn in 2025. a16z crypto’s four crypto funds’ AUM decreased by approximately 40% from 2024 to 2025, down to $9.5 billion, partly because their first three funds began large-scale repayments to LPs and were reportedly concentrated in high-market periods in 2025, with the first fund’s net DPI reaching 5.4. After the listing of five companies including Circle and BitGo, Pantera also distributed funds to investors. Multicoin’s AUM was affected by the FTX collapse and the sharp decline in Bitcoin starting from October 2024, falling from its peak to about $2.7 billion. In contrast, Haun Ventures’ AUM increased by over 30% year-over-year.