Multicoin Capital

Multicoin Capital was co-founded by Kyle SamaniKyle SamaniKyle Samani is a cryptocurrency investor who co-founded the crypto investment firm Multicoin Capital with Tushar Jain in 2017 and served as its managing partner. He is known for leading all three of Solana’s financing rounds before its mainnet launch, and stepped back from day-to-day management of the firm in February 2026. Since September 2025 he has been chairman of Forward Industries, a Nasdaq-listed company whose treasury is built around SOL.Open the full entry and Tushar Jain. Its website dates the firm’s founding to May 2017, and its investments span crypto assets, tokens and blockchain companies. Its management approach combines a hedge fund with venture funds, allowing it to allocate capital across private financings and public trading markets.⁠[2][3]

In a 2025 retrospective, Multicoin said it had invested in SOL and the Solana ecosystem since the seed round in May 2018. Its research focused on low-latency, low-cost and composable on-chain applications and later extended to trading, payments and internet capital markets. It is a representative case of the firm’s long-term involvement in a single network and its application ecosystem.⁠[4]

According to an investment note Multicoin published in November 2020, the firm led OXIO’s $3.5 million seed round in 2019. OXIO provides carrier-as-a-service to brands and businesses so they can build customized mobile connectivity products. The investment predates the public announcement; the specific month was not disclosed in that post.⁠[5]

On June 12, 2019, Multicoin and Union Square Ventures co-led Helium’s $15 million financing, with participation from Khosla VenturesKhosla VenturesKhosla Ventures (KV) is an American venture capital firm founded in 2004 by Vinod Khosla, the founding CEO of Sun Microsystems, and headquartered in Menlo Park, California. It made heavy early bets on clean technology, became OpenAI’s first venture capital investor in 2019, and its portfolio also includes companies such as DoorDash, Block (formerly Square), Impossible Foods, and Rocket Lab.Open the full entry, FirstMark, GV and Munich Re Ventures. Helium provides wireless coverage for Internet of Things devices through hotspots deployed by participants and uses tokens to incentivize network supply. Multicoin later grouped this model under its thesis of using crypto incentives to build real-world infrastructure.⁠[6][7]

In November 2019, Multicoin announced that it had invested in Arweave alongside a16z crypto and Union Square Ventures. Arweave’s protocol goal is permanent data storage: through prepaid storage fees and node incentives, it provides infrastructure for the lasting preservation of web pages, applications and other digital content. The firm’s announcement did not disclose the amount of its own investment.⁠[8]

In 2019 Multicoin published research on Binance and BNB, discussing the exchange’s product expansion, liquidity network and token value mechanisms. Such reports reflect its approach to public market research, linking platform businesses, market structure and token economics. The market prices and valuation analysis in the article are tied to a specific point in time and do not constitute a record of the firm’s trades.⁠[9]

In November 2020, OXIO emerged from stealth after completing a $12 million Series A led by monashees and Atlantico Capital. In its announcement, Multicoin said it had helped the team with public blockchain applications and token system design. Its involvement combined crypto technology experience with the founding team’s telecommunications experience and was not a restructuring after acquiring control.⁠[5]

In February 2021, Multicoin said it had built a large RUNE position, one of its largest public market positions at the time. THORChain provides cross-chain swaps of native assets, and the firm’s research focused on liquidity and trading demand between heterogeneous chains. The statement applies to 2021 and cannot be used to determine later holdings.⁠[12]

On May 4, 2021, Multicoin announced a $100 million second venture fund and said the fund had already been investing for several months. Its limited partners include institutional investors, crypto industry participants and business operators. The firm uses these relationships to help projects with business development, hiring and fundraising, and its investments include both company equity and protocol tokens.⁠[13]

The Solana Labs private token sale announced on June 9, 2021, raised about $314.15 million; it was led by a16z and Polychain, with Multicoin among the participants. The company planned to use it to support incubation, ecosystem investment and application development. The figure is the total for the round and cannot be treated as Multicoin’s own purchase cost.⁠[14]

On June 17, 2021, The Graph Foundation announced a $60 million core development grant to StreamingFast, payable over five years and including GRT for network activity. StreamingFast contributed technology, developers and data infrastructure, and the related intellectual property and products were to be open-sourced and moved into The Graph ecosystem. Although Multicoin’s portfolio marks the project as acquired, the announcement disclosed a development grant arrangement, and the $60 million cannot be described as Multicoin’s exit proceeds.⁠[15][11]

In August 2021, Multicoin participated in Dune Analytics’ $8 million Series A, led by Union Square Ventures with participation from Redpoint and Dragonfly, among others. The firm had also participated in Dune’s seed round. Dune organizes on-chain data so it can be queried with SQL and supports charts, dashboards and public sharing; it is a data tool used in the firm’s own research.⁠[16]

On September 16, 2021, Binance announced that it had co-led LayerZero’s $6 million Series A with Multicoin. Multicoin’s 2022 investment note also confirmed its participation in this early round. LayerZero provides infrastructure for messaging and application interaction between blockchains, and the firm sees cross-chain liquidity and application connectivity as necessary for multiple networks to develop together.⁠[17][18]

On January 26, 2022, West Realm Shires Services Inc. (FTX US) announced a $400 million Series A at an $8 billion valuation, with Multicoin on the list of investors. The total raised and the valuation here are the company’s financing and pricing figures and are distinct from Multicoin’s own contribution and from assets it kept on the exchange.⁠[19]

Shift4 acquired the crypto donation platform The Giving Block on February 28, 2022. Its annual report lists acquisition consideration of $111.1 million, or $106.9 million net of $4.2 million in cash acquired, comprising cash, shares, replacement equity awards and contingent consideration valued at $57.8 million. The amount is an acquisition-date accounting measurement and cannot be treated as an entirely upfront cash payment; Multicoin’s proceeds are not shown separately.⁠[20][11]

On March 15, 2022, Multicoin announced its participation in Aptos Labs’ $200 million strategic financing, led by a16z crypto. The Aptos team includes former members of the Diem project and builds a layer-1 blockchain using the Move language. Multicoin’s investment note focused on the performance, security and application composability of a single execution environment.⁠[21]

On March 30, 2022, Multicoin announced another investment in LayerZero, participating in its $135 million Series A+ round. The round also included a16z crypto, Sequoia and PayPalPayPalPayPal Holdings, Inc. (Nasdaq: PYPL) is an American digital payments company that operates payment brands including PayPal, Venmo, Braintree, and Xoom, providing online and in-store payments, money transfers, and consumer credit to consumers and merchants worldwide.Open the full entry Ventures, among others. The firm’s announcement recorded this round separately from the earlier round it had led in September 2021.⁠[17]

On July 12, 2022, Multicoin announced a third venture fund of $430 million. At the time it disclosed an early-stage check size of $500,000 to $25 million; together with its evergreen liquid fund, it could support later-stage projects with more than $100 million. The announcement highlighted real-world infrastructure networks, consumer applications and digital communities; the amounts are, respectively, the fund size and the range of investment capacity.⁠[22]

In November 2022, the Helium Foundation announced the acquisition of Strata Protocol and named its lead, Noah Prince, head of protocol engineering. Strata’s SolanaSolanaSolana is a proof-of-stake (PoS) public blockchain designed for high throughput and low latency, with SOL as its native token; it was developed by Solana Labs and launched Mainnet Beta in March 2020. It is known for design choices such as its Proof of History clock and parallel execution, suffered several network-wide outages in its early years, and became one of the crypto industry’s focal points in events including the FTX collapse, U.S. SEC lawsuits, and the listing of Solana ETFs.Open the full entry engineering team worked on Helium’s migration to Solana. This Strata is a token launch tool on Solana, and the deal announcement did not disclose the consideration.⁠[23]

The FTX debtors’ announcement confirms that they filed for Chapter 11 bankruptcy on November 11, 2022. Multicoin had earlier participated in FTX US equity financing and had extensive investment ties to the Solana ecosystem. Company equity, exchange account assets and related token prices each carry different risks, and the public record is insufficient to calculate the final net losses of each Multicoin fund.⁠[24][19]

AxiosAxiosAxios is a US digital news media company founded in 2016 by former Politico executives Jim VandeHei, Mike Allen, and Roy Schwartz and launched in January 2017. It is known for short news items and industry newsletters in the “Smart Brevity” style, especially for its Washington political coverage, and publishes local news newsletters in cities across the United States through Axios Local. Since 2022 it has been owned by Cox Enterprises.Open the full entry reported that some LPs said Multicoin reinvested previously realized gains into SOL.⁠[25]

Multicoin’s announcement in April 2024 confirmed that the $225 million Wormhole financing it co-led had closed in late 2023. Wormhole provides interoperability infrastructure for cross-chain assets, messaging, governance and applications; the firm chose to introduce the investment formally when the W token launched on April 3, 2024.⁠[26]

On December 14, 2023, Multicoin announced an investment in Pyth Network. Pyth works directly with producers of price data such as exchanges, market makers and trading firms to provide low-latency market data to on-chain applications. The firm’s research also discussed application order flow auctions and the distribution of oracle value; the announcement did not disclose the investment amount.⁠[27]

Etherscan’s company history records that it acquired the Solana block explorer Solscan in January 2024. Solscan is also listed in Multicoin’s public portfolio, and its business covers queries of on-chain transactions, addresses and application data. Historical investment relationships in the public portfolio should be read alongside the actual acquisition announcements.⁠[28][11]

On September 10, 2024, Multicoin said it had accumulated a large DRIFT position in its liquid fund and venture funds through private and public markets. Its report discussed margin, liquidity and trade execution in Solana derivatives trading and placed Drift within its framework for investing in open financial markets.⁠[30]

In 2025 Anchorage Digital announced an agreement to acquire Mountain Protocol, planning to integrate its team, technology and stablecoin business. The announcement mentioned Multicoin’s backing of the USDM issuer and stated that the transaction was still subject to customary closing conditions and regulatory approval. It did not give an acquisition price.⁠[31]

On January 31, 2025, Coinbase announced the acquisition of the on-chain advertising and attribution company Spindl, bringing it into the Base team while continuing to support existing customers. Spindl’s technology is used to identify user sources, measure promotional effectiveness and help on-chain applications with distribution.⁠[32][11]

On February 25, 2025, Multicoin announced that it had led an $8 million strategic purchase of GEOD tokens from the Geodnet Foundation. GEODNET provides high-precision positioning for drones, autonomous vehicles and robots through distributed RTK reference stations. The $8 million is the total of the joint transaction; the announcement did not break out Multicoin’s share.⁠[33]

In March 2025, DoubleZero announced a $28 million token financing co-led by Multicoin and Dragonfly. The network aggregates privately contributed fiber links into a high-performance network for blockchains and distributed systems. Multicoin revisited the financing when it introduced the mainnet beta launch on October 2; that was not a second, new $28 million investment on that day.⁠[34][35]

On March 4, 2025, Multicoin said it had acquired a large JTO position in its hedge fund and venture funds over the previous three years. Its research divided Jito into three interconnected parts, transaction processing and block building, liquid staking, and restaking, focusing on how transaction value is distributed among validators, stakers and applications.⁠[36]

On June 2, 2025, Consensys announced the acquisition of Web3Auth. Its key management and embedded wallet technology was to be used in MetaMask, allowing users to create and recover wallets through social login or device authentication. The announcement did not disclose the consideration.⁠[37][11]

On September 11, 2025, Multicoin disclosed that it had co-led, with Jump Crypto and Galaxy, a $1.65 billion PIPE financing for Forward Industries to support its SOL treasury strategy. The firm’s article said each of the three sponsors committed more than $100 million in cash. The company planned to implement the strategy by holding and staking SOL and through related ecosystem activity; this listed-company financing and Multicoin’s own fundraising are at different levels.⁠[38]

In November 2025, Multicoin announced that its liquid fund had invested in ENA, Ethena’s native token. Its research covered the USDe synthetic dollar, basis trading, risk controls and sources of yield, and described the firm as a long-term ENA holder. The statement does not disclose the specific purchase amount or holding size.⁠[39]

In January 2026, Neynar announced that it was acquiring Farcaster from Merkle, taking over protocol maintenance, the client and the Clanker business. Farcaster is a social protocol project in Multicoin’s public portfolio; the change in the entity operating the protocol and client does not disclose investors’ proceeds.⁠[40][11]

On his personal website, Kyle Samani lists his tenure as Multicoin co-founder and managing partner as October 2017 to January 2026. The firm’s management team on its website subsequently lists Tushar Jain as managing partner; Samani’s personal investments and board roles should be distinguished from the investment activities of the firm’s funds.⁠[3][2]

On February 4, 2026, Multicoin sent a letter to partners announcing that co-founder Kyle Samani was stepping down as managing partner and moving from a management role to an advisory role at the firm, and said it did not anticipate any disruption to the business. Samani said he would continue making personal investments and supporting Multicoin portfolio companies; he also said he would request an in-kind redemption of his share of Multicoin’s Master Fund in Forward Industries shares and warrants rather than in cash, and that he would remain chairman of Forward Industries.⁠[41][41][42][42][41][41]

In its investment framework published in February 2026, Multicoin discussed fintech, combining traditional interfaces with on-chain financial services, the globalization of financial markets, more efficient lending, the intersection of entertainment and finance, programmable ownership, neutral base-layer blockchains, and cryptographic primitives. The framework extended its investment scope from base networks to applications and services and emphasized value distribution across layers.⁠[43]

On March 24, 2026, Multicoin announced that Spencer Applebaum and Shayon Sengupta had been promoted to general partner and would co-lead the venture business. The firm said the two had already been involved in forming investment theses, portfolio strategy and post-investment support, with responsibilities spanning all of its funds.⁠[44]

After a security incident in April 2026, Drift pursued an investigation, a user recovery plan and a rebuild of the protocol. Its June update proposed funding a dedicated recovery pool from post-relaunch revenue, hiring protocol engineering and risk teams, and strengthening code, liquidations and market parameters. The announcement describes platform and user recovery work and cannot be used directly to calculate Multicoin’s investment losses.⁠[45][46]

On June 25, 2026, Multicoin said it had begun building a large HYPE position earlier in the year and had continued adding to it, making HYPE one of the largest positions in its liquid fund. Its research focused on HyperliquidHyperliquidHyperliquid is a layer-one blockchain designed from scratch for financial trading. It uses its own HyperBFT consensus, has perpetual futures and spot order books built into the chain (HyperCore), and offers an Ethereum-compatible smart contract environment (HyperEVM); its native token is HYPE. Launched in 2023, it became one of the largest decentralized perpetual futures venues thanks to its fully onchain order books, and later opened permissionless deployment of perpetual markets on commodities, stock indices and FX, as well as outcome markets, through HIP-3 and HIP-4.Open the full entry’s on-chain trading, cross-asset expansion and token buyback mechanism. The firm holds the token through public markets, which differs from traditional venture financing of the Hyperliquid company.⁠[47]

On September 29, 2026, Multicoin Capital announced that it had invested in Grass through its hedge fund and venture funds. Grass uses idle bandwidth voluntarily contributed by participants to collect public web data and provides data services for AI applications. Multicoin’s investment thesis focused on AI’s need for real-time information as it expands from training to inference. The announcement did not disclose the amount or ownership stake; the Contents API and search index discussed in the post include planned future development.⁠[48]

The firm forms investment theses first and then looks for projects along the industry chain, focusing on blockchain execution environments, stablecoins, open finance, real-world infrastructure, payments, cryptography and AI. Its support includes discussing token mechanisms, connections with developers and industry, fundraising and hiring, as well as public research and ecosystem communication. OXIO’s public blockchain and token design, Helium’s network incentives and Dune’s data usage are examples of different modes of involvement.⁠[2][5][6][16][13]

Multicoin says the project list on its website does not cover all investments, some unannounced projects and public market positions are not listed, and the portfolio is updated periodically. A “large position” in a public article refers to the time of the article; acquisitions of portfolio companies, token listings and actual sales by the firm are different events. Available information cannot fully reconstruct each fund’s cost basis, disposal proceeds or final net returns.⁠[11]