Multicoin Capital is a thesis-driven cryptocurrency venture fund founded in 2017 and headquartered in Austin, Texas. The firm focuses on early-stage investments in blockchain infrastructure, decentralized protocols, and – increasingly – the intersection of AI and crypto networks. Unlike generalist crypto funds, Multicoin publishes detailed investment theses and takes concentrated positions in projects it believes will define new computing paradigms.
The fund has raised multiple vehicles since inception. Fund I (2018) and Fund II (2020) established its reputation for high-conviction bets. Fund III, closed in 2022, was reported at approximately $430 million – its largest at the time. Total AUM across vehicles is not publicly disclosed in full. The firm operates a hedge fund alongside its venture arm, which allows it to trade liquid tokens as well as hold illiquid equity positions.
Notable investments
- Solana (SOL) – one of Multicoin's most celebrated early bets; the firm backed Solana before mainnet launch and publicly defended the investment during multiple market downturns. See their original Solana thesis.
- Helium (HNT) – decentralized wireless network; Multicoin led multiple rounds and was instrumental in the project's early growth.
- The Graph (GRT) – decentralized indexing protocol for blockchain data.
- Arweave (AR) – permanent decentralized storage network.
- dYdX – decentralized derivatives exchange.
- Pyth Network – on-chain price oracle infrastructure.
- Hivemapper – decentralized mapping network using dashcams and token incentives.
- Sei Network – Layer 1 blockchain optimized for trading applications.
- Novig – prediction market and sports betting platform; latest known deal at $75 million in February 2026.
Team
Kyle Samani (Managing Partner) and Tushar Jain (Managing Partner) co-founded the firm. Samani previously co-founded Pristine, a healthcare software company. Jain has a background in trading and quantitative finance. Both are prolific writers – the firm's blog at multicoin.capital/blog has published widely cited analyses on topics from state machine replication to decentralized AI. Ryan Gentry leads business development and has been a visible spokesperson on infrastructure strategy. Public information on the full partnership roster beyond these principals is limited.
Recent activity
Over 2025–2026, Multicoin has sharpened its focus on AI-adjacent crypto infrastructure – projects where decentralized compute, data availability, and token incentives intersect with machine learning workloads. The Novig round in early 2026 signals continued interest in prediction markets as a primitive for information aggregation. The firm has also remained a vocal advocate for Solana ecosystem projects as that network matured into a primary venue for consumer crypto applications.
The most significant setback in Multicoin's history was its exposure to FTX, which collapsed in November 2022. The firm held assets on the exchange and had made equity investments in FTX entities; both were substantially impaired. Multicoin acknowledged the losses publicly. The episode tested but did not end the fund – it continued deploying capital through Fund III and retained its investor base. This track record of surviving a major blowup while maintaining a credible thesis is now part of how the firm presents itself to LPs.
With a reported retail ROI of approximately 9.8x and a portfolio spanning 35+ active positions, Multicoin remains one of the most recognizable names in crypto venture. Its concentrated, thesis-first approach distinguishes it from spray-and-pray funds. Investors and founders tracking AI-adjacent blockchain infrastructure will find Multicoin's published research a reliable signal of where the firm expects the next wave of activity.
Further background is available via Crunchbase and the firm's own site at multicoin.capital.
