Multicoin Capital

Multicoin Capital is a thesis-driven crypto investment firm based in Austin, Texas, founded in May 2017. It invests in cryptoassets, tokens and blockchain companies across both public and private markets, and manages a hedge fund together with several venture funds. The firm describes itself as making long-term, high-conviction investments in category-defining crypto companies and protocols for sophisticated families, foundations, endowments and institutional investors.

Its Master Fund, founded in 2017, is a thematic, long-oriented hedge fund with multi-billion dollar assets that invests predominantly in tokens and is active in public markets, direct investments and strategic sales. Its venture business is currently deploying a third venture fund — described on the firm's site as a $422 million vehicle raised in January 2022 and announced publicly in July 2022 at $430 million — writing checks of roughly $1 million to $50 million into early-stage companies and founders. At the time of the fund announcement, the firm said it would invest $500,000 to $25 million in early-stage projects and up to $100 million or more in later-stage companies with established brands.

Multicoin organizes its work around defined investment segments: execution layers (Layer 1 protocols, smart contract platforms and specialized execution environments), stablecoins, DeFi (centralized and decentralized exchanges, borrow-lend, options and derivatives), real-world assets, payments, DePIN, trust-minimized applications, applied cryptography (FHE and zero-knowledge proofs), MEV infrastructure, and the intersection of crypto with AI and machine learning. The firm publishes research and valuation work on assets and sectors, including analyses of Hyperliquid, Ethena, stablecoin fintechs, real-world assets and onchain liquidity.

Founding story

The firm was founded in May 2017 by co-founders and managing partners Tushar Jain and Kyle Samani, and launched on October 1, 2017, on the view that crypto would eventually reshape global markets; its phoenix logo is described as representing a new financial system rising from the old one. Before Multicoin, Jain founded ePatientFinder, a health IT startup later acquired by Elligo Health Research.

Business model

Multicoin Capital manages pooled investment vehicles on behalf of outside limited partners, including venture capital funds, family offices, foundations, endowments, institutions and high net worth individuals. It operates a hedge fund (the Master Fund) that invests predominantly in tokens across public markets, direct investments and strategic sales, alongside several venture funds that take positions in early-stage private companies and protocols.

As an investment manager, the firm earns returns from managing hedge and venture fund capital for limited partners.

Traction

The firm reports a multi-billion dollar master fund and a third venture fund of $422 million (announced publicly at $430 million in 2022), with a team of 92 people. Its investments include Ethereum, Solana and FTX, and it has led rounds such as Delphia's $60 million Series A and Fun's $72 million Series A.

Latest developments

In 2026 the firm published a valuation analysis of Hyperliquid (HYPE), which it said had become one of the largest positions in its liquid fund after initiating a large position earlier that year, and released an updated statement of its investment thesis. In May 2026 Fortune reported that Multicoin co-led, with SignalFire, a $72 million Series A in the crypto-and-fiat payments infrastructure startup Fun, with Multicoin general partner Spencer Applebaum commenting on the deal. Other recent research covered real-world assets, internet labor markets, onchain liquidity and adverse selection, specialized stablecoin fintechs, and Ethena.