Introduction
The institutional-focused crypto media outlet Coinstack recently published a comprehensive ranking of 300 cryptocurrency venture capital (Crypto VC) firms managing a combined $83.9 billion. The analysis categorizes firms by:
- Fund size
- Number of investments
- Investment activity over the past 12 months
Key insights reveal that U.S.-based Crypto VCs dominate the industry, while investment volumes and amounts have declined since Q1 2022, hitting a low point in Q1 2023.
👉 Explore the full Crypto VC ranking here
Top Crypto VCs by Fund Size
The five largest Crypto VCs globally by assets under management (AUM):
a16z ($7.565B AUM | 173 investments | San Francisco)
- Portfolio: Coinbase, Uniswap, Yuga Labs, Maker
- 👉 View a16z’s crypto portfolio
Binance Labs ($7.5B AUM | 169 investments | Hong Kong)
- Key investments: Aptos, 1inch, Dune Analytics
Multicoin Capital ($2.8B AUM | 112 investments | Austin)
- Notable bets: Worldcoin, Perpetual Protocol
- Challenges: Heavy losses from FTX/Solana exposure (-91.4% in 2022)
Pantera Capital ($2.523B AUM | 247 investments | San Francisco)
- Broad portfolio spanning DeFi, exchanges, and market makers
Paradigm ($2.5B AUM | 82 investments | San Francisco)
- Backers of OpenSea, Coinbase, Flashbots
Geographic Distribution of Major Crypto VCs
Top Cities by AUM:
- San Francisco (45.16% of top 50 funds’ capital)
- Hong Kong (16.65%)
- New York (14.41%)
Asian Representation: Only 8 of the top 50 are Asia-based, including:
- Animoca Brands (Hong Kong)
- HashKey Capital (Hong Kong)
- Crypto.com Capital (Singapore)
Most Active Crypto VCs by Investment Count
- Coinbase Ventures (355 investments | $1.5B AUM)
- Digital Currency Group (332 investments | $600M AUM)
- NGC Ventures (265 investments | $400M AUM)
Note: High investment frequency doesn’t correlate with fund size—only Coinbase Ventures and Animoca Brands appear in both top 5 lists.
Bear Market Champions: VCs Still Investing Heavily (Past 12 Months)
Despite the downturn, these firms remained active:
- Big Brain Holdings: 80 deals
- Shima Capital: 72 deals
- Infinity Ventures Crypto: 48 deals
2022 vs. 2021: A Close Call
- 2022 totals: $26B deployed across 2,451 deals (slightly higher than 2021)
- Downward trend: Investment volume peaked in Q1 2022, then fell sharply—Q1 2023 hit a 2.5-year low ($1.8B).
FAQ
Q: Which Crypto VC has the most diversified portfolio?
A: Pantera Capital (247+ investments across DeFi, infrastructure, and exchanges).
Q: How did Multicoin Capital lose 91.4% in 2022?
A: Heavy exposure to FTX (15.6% of fund) and Solana ecosystem assets.
Q: Are Asian Crypto VCs gaining traction?
A: Slowly—only 8 Asian firms rank in the top 50 by AUM, led by Binance Labs and Animoca Brands.
Risk Disclosure
Cryptocurrency investments carry high volatility and risk. Conduct thorough due diligence before committing capital.
👉 For institutional-grade crypto insights, visit Coinstack’s full report