# Multicoin Capital

Multicoin Capital is an Asset Manager based in Austin, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Austin, United States
- **Region:** North America
- **Address:** Austin, TX, United States
- **Founded:** 2017
- **Assets under management:** Undisclosed
- **Website:** multicoin.capital
- **LinkedIn:** https://www.linkedin.com/company/multicoincapital

## Regulatory record

- **CRD number:** 297302
- **SEC file number:** 801-121946
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/297302

## About

Multicoin Capital is a thesis-driven investment firm that invests in cryptoassets, tokens, and blockchain companies reshaping trillion-dollar markets. It manages a hedge fund and several venture funds, investing in both public and private markets. The firm makes long-term, high-conviction investments in category-defining crypto companies and protocols on behalf of sophisticated families, foundations, endowments, and institutional investors. As a crypto-native fund, it actively engages in the networks it invests in and is hands-on with portfolio companies.

## Sectors

- FinTech
- Enterprise Software
- AI/ML
- DeFI
- DePIN
- Stablecoins
- Payments
- RWAs
- FHE and ZK
- MEV

## People

- Tushar Jain — Managing Partner
- Spencer Applebaum — General Partner, Co-Head of Venture
- Shayon Sengupta — General Partner, Co-Head of Venture
- Brian Smith — Partner, CFO and COO
- Matt Shapiro — Partner, Head of Investor Relations

## Questions

### How is Multicoin Capital structured across its funds?

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.

### Who runs investment decisions at Multicoin Capital?

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.

### Does Multicoin invest only in tokens or also in equity?

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.

### What investment themes does Multicoin Capital prioritize?

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.

### How does Multicoin differentiate its research from other crypto funds?

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.

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Last updated: 2026-08-11T15:07:34.613Z

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