Paradigm
Fund Size
Roughly $400M Fund I (2018), $2.5B Fund II (2021), $850M Fund III (2024), and $1.2B Fund IV (2026), with total AUM estimated around $12B.
Thesis
Deep technical, research-driven investing in protocols and infrastructure. Paradigm is known for its in-house research team that publishes original work on mechanism design, MEV, and cryptography. They invest with extremely high conviction and concentrated positions.
Portfolio
Coinbase, Uniswap, Fireblocks, Chainalysis, Optimism, Flashbots, Lightspark, Monad, and OpenSea, among others.
Why It Matters
Paradigm is arguably the most technically sophisticated digital-asset VC. Their research-first approach, publishing papers on MEV, mechanism design, and novel protocols, sets them apart from every other fund. Ehrsam's Coinbase experience gives them unique insight into what actually works at scale.