Multicoin Capital is an Austin-based, thesis-driven investment firm that invests in cryptoassets, tokens and blockchain companies. Founded in May 2017 by Kyle Samani and Tushar Jain, it manages a hedge fund and several venture funds, investing across public and private markets — a structure that lets it back networks from token launch through maturity. It describes itself as a crypto-native fund known for pioneering token economic models and valuation methodologies, and for challenging assumptions the crypto ecosystem takes for granted.
Thesis
Multicoin's core conviction is that blockchains will reshape trillion-dollar markets, and that investing in tokens is fundamentally different from investing in companies — requiring its own tools, heuristics and security practices. The firm is research-first and actively participates in the networks it backs, rather than holding passively. Its published investment segments span ten areas: Execution (Layer 1 protocols and smart-contract platforms), Stablecoins (issuers, enablers and middleware), DeFi (exchanges, borrow-lend and derivatives), RWAs (tokenised real-world assets), Payments (crypto rails, especially in developing regions), DePIN — a category the firm says it pioneered in 2019 — Applications (trust-minimised consumer apps), FHE and ZK (commercialised cryptography), MEV infrastructure, and AI and ML at the crypto–AI intersection.
Fund size and stages
Multicoin announced Venture Fund III — a $430 million vehicle — in July 2022, investing $500,000 to $25 million in early-stage projects and up to $100 million or more in later-stage opportunities, alongside its evergreen liquid fund (which CoinDesk reported held assets in the single-digit billions at the time). DL News reported that SEC filings showed the firm's assets rebounding to $3.81 billion in 2023, a 180% rise from 2022. The firm's current assets under management are not publicly disclosed.
Notable portfolio
Multicoin's signature bet is Solana, which it first backed in May 2018 — long before it became a top-layer-1 chain. The portfolio spans infrastructure and applications alike: The Graph, Arweave, Livepeer, StarkWare, SKALE, Helium, Algorand, NEAR Protocol, THORChain, Aave, Render, Wormhole, Jito and Pyth Network.
Partners
Kyle Samani and Tushar Jain serve as Managing Partners. Jain, who previously founded health-tech startup ePatientFinder (later acquired by Elligo Health Research), leads portfolio construction, risk management and trading. The venture bench includes Spencer Applebaum and Shayon Sengupta, General Partners and Co-Heads of Venture, Matt Shapiro (Partner, Head of Investor Relations), Brian Smith (Partner, CFO and COO), John Robert Reed (Partner, Chief Marketing Officer) and Greg Xethalis (Partner and General Counsel), who also directs the Blockchain Association and the DeFi Education Foundation.
Programmes and perks
Multicoin runs no public accelerator or founder credits programme. Its value-add is intellectual and operational: deep primary research on tokens and protocols, hands-on participation in the networks it backs, and a legal and policy bench versed in digital-asset regulation.
Why it matters for founders
Multicoin Capital is the rare crypto fund that pairs public-markets firepower with early venture conviction — its Solana bet in 2018 is the industry's textbook example. If you are building infrastructure, DePIN, stablecoin rails or anything at the crypto–AI frontier, Multicoin's thesis-driven approach means your pitch will be judged on research depth, not hype. Come with your token economics worked out.