Head encryption VC's on-paper returns shrink, exits and distributions continue to slow down

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ME News Report, April 16 (UTC+8), leading crypto VCs such as Paradigm, Pantera Capital, a16z crypto, and Multicoin generally saw a shrinkage in assets under management (AUM) during the 2025 market downturn. a16z crypto’s four crypto funds’ AUM decreased by approximately 40% from 2024 to 2025, reaching $9.5 billion, partly because their first three funds began large-scale distributions to LPs and were reportedly concentrated at high market levels 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 significant decline in Bitcoin since October 2024, falling from a high point to about $2.7 billion. Relatively, Haun Ventures’ AUM grew by over 30% year-over-year to approximately $2.5 billion, and in 2025, they are raising a new fund with a scale of $1 billion. (Source: PANews)

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