Author: Ben Weiss , Fortune

Compiled by: Deep Tide TechFlow

Deep Dive: Fortune reporters obtained a batch of unpublished financial disclosure documents from the SEC, showing that the assets under management (AUM) of leading institutions such as Paradigm, Pantera, a16z crypto, and Multicoin all shrank in 2025. However, this decline wasn’t entirely negative—a16z crypto returned funds to its LPs at market peaks, resulting in a 5.4x DPI for its first fund. The only firm to buck the trend was Haun Ventures, which capitalized on the stablecoin sector by being acquired by Mastercard through BVNK.

The leading players in crypto venture capital couldn’t escape the market crash of 2025.

Fortune reporter Ben Weiss obtained a batch of previously…