Multicoin Capital

Multicoin Capital is a thesis-driven investment firm founded in 2017 by Kyle Samani and Tushar Jain, based in Austin, Texas. The firm manages approximately $2.7 billion in assets across two main structures: its long-term Master Fund, launched in October 2017 to trade liquid tokens, and early-stage venture vehicles. Its venture arm is deploying from Venture Fund III, a $422 million fund raised in January 2022 that writes checks between $1 million and $50 million.

The investment team includes General Partners and venture co-heads Spencer Applebaum and Shayon Sengupta, joined in October 2026 by Investment Partner Mason Nystrom. Multicoin concentrates on blockchain infrastructure, decentralized physical infrastructure networks (DePIN), cross-chain communication, MEV mitigation, and high-performance Layer 1 ecosystems.

Multicoin was an early backer of Solana and led significant early rounds across crypto infrastructure. Key investments include leading the $6 million Series A for LayerZero in September 2021, the $10 million Series A for Jito in August 2022, and the $205 million ecosystem raise for The Graph in February 2022. It also co-led the $225 million financing round for Wormhole in November 2023 and the $73 million Series A for fully homomorphic encryption developer Zama in March 2024.

Multicoin's recent activity spans venture rounds and liquid token positions. In December 2025, the firm co-led a $29 million Series A extension for LI.FI and participated in Jumper's extension round. It led a $5 million seed round for Exponent Finance in January 2026 and co-led a $72 million Series A for payments platform Fun in February 2026. In June 2026, the firm disclosed that Hyperliquid (HYPE) had become one of the largest positions in its liquid hedge fund, followed by an allocation to Grass in September 2026 across both vehicles.