Summary
- Global cryptocurrency venture capital (VC) firms saw their assets under management (AUM) plunge last year.
- a16z crypto's assets under management totaled $9.5 billion, down nearly 40%% from a year earlier.
- Major crypto VC firms including Multicoin Capital also saw assets under management drop by more than 50%%, highlighting the impact of the bear market.
Forecast Trend Report by Period
Assets under management at global cryptocurrency venture capital firms such as Paradigm and a16z crypto fell sharply last year.
Fortune reported on June 15 that the combined assets under management of four funds run by a16z crypto totaled $9.5 billion last year. That was nearly 40% lower than a year earlier.
Other major crypto venture firms, including Paradigm, Pantera Capital and Multicoin Capital, posted similar declines. Multicoin Capital's assets under management fell more than 50% from a year earlier to about $2.7 billion last year.
The steep drop in crypto VC assets under management was driven largely by the bear market that has persisted since the second half of last year. Fortune said even leading crypto venture firms were unable to avoid last year's sharp collapse in the digital-asset market.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
