Original author: Ben Weiss

DeepFlow Tech

Overview: Fortune reporters obtained a batch of unpublished financial disclosure documents from the SEC, revealing that the assets under management (AUM) of top-tier crypto VCs—including Paradigm, Pantera, a16z crypto, and Multicoin—all declined in 2025. However, the decline isn’t entirely negative—a16z crypto returned capital to LPs at market peaks, achieving a DPI of 5.4x for its first fund. The only firm to grow逆势 was Haun Ventures, which successfully bet on the stablecoin sector through its investment in BVNK’s acquisition by Mastercard.

Top crypto VCs couldn’t avoid the 2025 market crash.

Fortune reporter Ben Weiss obtained a batch of previously unreleased investment advisor…