Multicoin Capital

Multicoin manages two primary strategies. The multi-billion-dollar Master Fund, launched in 2017, is a long-biased, thematic hedge fund focused on liquid tokens and strategic sales. The Venture Fund series — currently investing out of a third fund, a $422 million vehicle raised in January 2022 — backs early-stage crypto companies and protocols with checks from $1 million to $50 million.

Managing Partners Tushar Jain and Kyle Samani co-lead the firm, with Jain overseeing portfolio construction, risk management, and trading. In early 2022, Spencer Applebaum and Shayon Sengupta were promoted to Investment Partner and appointed co-heads of the venture practice, signaling a deliberate delegation of leadership across the firm's strategies.

The firm invests across both tokens and equity. The Master Fund predominantly trades tokens on public markets and participates in direct private placements and strategic sales. The Venture Fund writes equity and token-warrant checks into early-stage blockchain companies, often starting at the Seed or Series A stage and supporting projects through subsequent private and public rounds.

Multicoin publicly tracks investments across several core categories: DeFi protocols, stablecoins, DePIN infrastructure, real-world assets (RWAs), payments, zero-knowledge and fully homomorphic encryption (ZK and FHE), AI/ML, and max-extractable value (MEV) supply chains. Their research arm regularly publishes thesis pieces on these verticals.

Multicoin publishes extensive, public-facing investment theses — a deliberate departure from most hedge funds. The firm's analyses on token models, value capture (such as their widely read Solana thesis), and sector maps function as a sourcing mechanism, attracting entrepreneurs who agree with their technical and economic views, while also positioning the firm as a thought leader among institutional allocators.