Venture capital giant Haun Ventures is aiming to raise $1 billion for two new cryptocurrency-focused investment funds, with expectations of oversubscription despite setting a lower target than its previous funding round in 2022.
Lower Target Amid Changing Market Conditions
According to a report from Fortune Crypto on 21 March, Haun Ventures plans to allocate $500 million to early-stage crypto investments and another $500 million to late-stage investments. The firm, founded by former Coinbase board member and federal prosecutor Katie Haun in 2022, previously secured $1.5 billion in its highly publicised funding round that same year.
The decision to aim for a smaller total this time reflects evolving market conditions. Despite this, sources close to the firm indicate confidence that the fundraising round, set to conclude in June, will be oversubscribed.
One of the Largest Crypto Fundraising Rounds in Recent Years
If successful, Haun Ventures’ latest funding effort will rank among the largest in the cryptocurrency sector over the past two years. Other major venture capital firms have pursued similar fundraising targets in 2024.
137 crypto companies raised a combined $1.11 billion in funding in February 2025. Source: The TIE
Paradigm, a prominent crypto VC firm, closed an $850 million investment fund in June 2024, while digital asset investment manager Pantera Capital sought to raise over $1 billion for a new blockchain-focused fund in April.
Haun Ventures has also been actively investing in the sector. Recently, the firm participated in crypto asset management company Bitwise’s $70 million funding round, joining notable investors such as Electric Capital, MassMutual, MIT Investment Management Company, and Highland Capital.
Stablecoins Expected to Dominate Crypto VC Interest in 2025
While Haun Ventures has not disclosed the specific focus of its upcoming funds, industry analysts predict that stablecoins will remain a key area of interest for venture capital firms in 2025.
Deng Chao, CEO of institutional asset manager HashKey Capital, highlighted stablecoins as the most proven use case for cryptocurrency in 2024. Meanwhile, market analyst Infinity Hedge suggested that overall VC investment in crypto would surpass 2024 levels next year, although it is unlikely to match the highs of the 2021 bull market.
During the peak in 2021, venture capital investment in cryptocurrency hit $33.8 billion. By contrast, total VC funding in the sector stood at $13.6 billion in 2024.
Despite the current market challenges, the continued interest from major venture capital firms such as Haun Ventures, Paradigm, and Pantera Capital suggests confidence in the long-term potential of cryptocurrency investments.
