A total of 300 crypto VCs worldwide in 2023 manage a combined $83.9 billion in the cryptocurrency venture capital industry.

An institution-oriented cryptocurrency media Coinstack has categorized cryptocurrency venture capital, also known as crypto VC, based on "fund size," "number of investments," and "number of investments in the past 12 months," ranking a total of 300 cryptocurrency venture capital funds managing a combined total of $83.9 billion. The majority of cryptocurrency venture capital is still dominated by the United States. Additionally, since Q1 of 2022, both the number and amount of investments in cryptocurrency venture capital have been declining, reaching a low point in Q1 of 2023. Coinstack has also compiled the financing transaction status and scale for 2023.

Click here to view the "Cryptocurrency Venture Capital Ranking List."

Global Cryptocurrency Venture Capital Rankings: Fund Size

Top five global cryptocurrency venture capital funds by "Fund Size":

1. a16z, Fund Size $7.565 billion, 173 investments, San Francisco
2. Binance Labs, Fund Size $7 billion, 169 investments, Hong Kong
3. Multicoin, Fund Size $2.8 billion, 112 investments, Austin
4. Pantera, Fund Size $2.523 billion, 247 investments, San Francisco
5. Paradigm, Fund Size $2.5 billion, 82 investments, San Francisco

Among the cryptocurrency venture capital funds listed by Coinstack, the largest in terms of fund size is the a16z fund Andreessen Horowitz in San Francisco, with notable investments in Coinbase, Yuga Labs, Uniswap, Maker, and more.

Next is Binance Labs under the exchange Binance, with investments in projects like Aptos, 1inch, and Dune Analytics related to the BNB Chain ecosystem.

In third place is Multicoin, known for its strong investments in infrastructure and applications, but significant losses were incurred due to a 15.6% investment in FTX, resulting in a 55% drop in fund value in November last year. Investments related to FTX and the Solana ecosystem led to a 91.4% loss in 2022. Projects like Perpetual Protocol and Furucombo from Taiwan also received investments from Multicoin; Worldcoin, a Web3 project by the founder of OpenAI, is also included.

Fourth is Pantera, with the largest number of investments among the top five, covering a wide range of projects including exchanges, DeFi applications, public chains, and market makers. Joey Krug, the investment chief at Pantera, mentioned that despite three rounds of investments in Terraform Labs, they cashed out nearly 80% of LUNA before the UST collapse, avoiding a significant loss.

Fifth is Paradigm, with a portfolio including NFT trading platform OpenSea, Blur, Coinbase, Chainalysis for on-chain analysis, MEV research institution Flashbots, and developer community platform Gitcoin. It also includes platforms that faced issues, such as the bankrupt Genesis and Euler Finance, which suffered approximately $197 million in losses due to attacks.

Top 50 Cryptocurrency Venture Capital Funds: Only Eight in Asia

Among the top 50 cryptocurrency venture capital funds based on fund size, eight are located in Asia, including: Binance Labs in Hong Kong, ranked No.3, Animoca Brands in Hong Kong, ranked No.13, Digital Finance Group in Singapore, ranked No.18, Hyperchain Capital in Singapore, ranked No.26, Hashkey Capital in Hong Kong, ranked No.29, Fundamental Labs in Shanghai, ranked No.33, Crypto.com Capital in Singapore, ranked No.39, and Master Ventures in Hong Kong, ranked No.50.

San Francisco Dominates Cryptocurrency Venture Capital Rankings

When it comes to the top 50 cryptocurrency venture capital funds by city, San Francisco leads with the highest total fund size, exceeding $26 billion, accounting for 45.16%. Hong Kong ranks second with 16.65%, followed by New York with 14.41%. However, in terms of the quantity of cryptocurrency venture capital funds by city, New York surpasses Hong Kong.

According to Coinstack, the U.S. holds a dominant position in both the size and quantity of cryptocurrency venture capital globally, accounting for 71%.

Global Cryptocurrency Venture Capital Rankings: Number of Investments

Top five global cryptocurrency venture capital funds by "Number of Investments":

1. Coinbase Ventures, Fund Size $1.5 billion, 355 investments, San Francisco
2. Digital Currency Group, Fund Size $600 million, 332 investments, New York
3. NGC Ventures, Fund Size $400 million, 265 investments, Singapore
4. Au21 Capital, Fund Size $300 million, 258 investments, San Francisco
5. Animoca Brands, Fund Size $1.5 billion, 257 investments, Hong Kong

The fund with the most investments, Coinbase Ventures, is a subsidiary of the exchange Coinbase, ranking tenth in terms of fund size.

Second is DCG, which includes Grayscale, Genesis, and CoinDesk investments.

Third is Singapore-based venture fund NGC Ventures; fourth is San Francisco's Au21 Capital; fifth is Hong Kong's Animoca Brands, which acquired Sandbox and invested heavily in blockchain gaming.

With the exception of Coinbase Ventures and Animoca Brands, the other venture capital funds listed in terms of investment quantity and fund size are all beyond the top 26.

Global Cryptocurrency Venture Capital Rankings: Still Actively Investing in the Past 12 Months

During the bear market, the top cryptocurrency venture capital firms that made the most investments in the past 12 months are:

• Big Brain Holdings 80 investments
• Shima Capital 72 investments
• Infinity Ventures Crypto 48 investments
• GSR 45 investments
• MH Ventures 42 investments

Cryptocurrency Venture Capital Barely Exceeds 2021 Investment Total in 2022

From the figure below, it can be seen that despite being in a bear market in 2022, both the total trading amount of $26 billion and the number of transactions of 2,451 slightly exceeded those of 2021.

However, another chart shows a deteriorating trend in 2022, with a peak in Q1 followed by rapid declines in Q2-Q4, reaching a low point in Q4 of 2022 compared to the fourth quarter of 2020.

According to data from DeFi Llama, cryptocurrency venture capital invested $1.8 billion in Q1 of 2023, lower than Q4 of 2022, setting a new low since the fourth quarter of 2020.

The number of cryptocurrency venture capital exits in 2021 and 2022 is higher compared to previous years, with around 70 exits each year.

How Much Can Cryptocurrency Venture Capital Invest in 2023? Seed Round/A Round/B Round

Based on investment data from January 1, 2023, to March 16, 2023, the median investment amount in seed rounds, Series A rounds, and Series B rounds by cryptocurrency venture capital is calculated.

Seed Round:

Series A Round:

Series B Round: