Multicoin Capital
/ Introduction
We make long-term, high-conviction investments in category-defining crypto companies and protocols across public and private markets on behalf of sophisticated families, foundations, endowments, and institutional investors.
/Our Funds
01/ Master Fund
Founded in 2017, our master fund is a thematic, long-oriented hedge fund that deliver strong absolute returns over a long time horizon through asset selection across market cycles. This multi-billion dollar fund invests predominantly in tokens and is active in public markets, direct investments, and strategic sales.
02/ Venture Fund
We partner with crypto entrepreneurs to reshape trillion-dollar markets. We’re currently deploying out of our third venture fund, a $422 million vehicle raised in January 2022. This fund backs early-stage companies and founders with investments ranging from $1M-$50M.
/ Insights
/Creating The World’s Leading Solana Treasury Company
Today I’m excited to announce that Multicoin Capital, Jump Crypto (the largest trading firm in crypto), and Galaxy (the largest financial conglomerate in crypto) have successfully led a $1.65B PIPE into Forward Industries, Inc. (NASDAQ: FORD), which will use the net proceeds to initiate a Solana treasury company strategy. Each sponsor committed over $100M in USD.
Today, we are thrilled to welcome Brian Strugats to Multicoin Capital as our new Head Trader. Brian will be responsible for providing best execution for the fund, managing our counterparty relationships, providing actionable market context to the investment team, and enhancing our trading capabilities.
/New Modalities for Issuance and Trading
It is effectively impossible for a regular person to create a new tradeable asset on traditional financial rails. Crypto trivializes this. Today, anyone in the world can create new assets on Solana in a few seconds for ~$0 cost. Consequently, there has been an explosion in user-generated assets (UGAs).
Over the past three years, Multicoin Capital has acquired a significant position in JTO, the native token of the Jito Network, across our hedge fund and venture funds. An executive summary of our 45 page asset report is presented below. You may download the complete report and analysis, including our valuation model and price target, by clicking the "Read Full Report" button.
Today, we are excited to announce that Multicoin led an $8M strategic acquisition of GEOD, the native token of the Geodnet Network, from the Geodnet Foundation. Geodnet is a precise positioning network that leverages DePIN economics to power mission-critical localization services for drones, autonomous vehicles, and the tens of millions of robots that will likely proliferate the Earth over coming years.
In 1997, IBM’s Deep Blue defeated then-World Champion Garry Kasparov in a chess match, and it became clear that computer chess engines would soon surpass humans. Interestingly, a well-prepared human working together with a computer—an arrangement often called a "centaur"—could outperform the strongest engines of that era.
Multicoin Capital has been investing in Solana’s native asset, SOL, and the broader Solana ecosystem since Solana’s seed round in May 2018. We have previously published four theses about Solana in that time. The first two were published about nine months before mainnet produced its first block in March 2020. As the Solana network has evolved, so has our frame of reference on how to think about the Solana network, and SOL the asset.
/Some Things Never Change, Even In 2025
One of the best quotes from Jeff Bezos is: “What's going to change in the next 10 years?' And that is a very interesting question; it's a very common one. I almost never get the question: 'What's not going to change in the next 10 years?' Earlier this week, we published a stereotypical VC post about new areas that our investment team is looking forward to seeing in 2025.
/Frontier Ideas For 2025
2025 is poised to be a pivotal year for the industry. The emergence of the first pro-crypto regulatory framework, combined with the technical maturity of Layer 1 blockchains, DeFi protocols, DePIN networks, and stablecoins, is creating fertile ground for the next wave of frontier innovations. Staying true to our tradition, we’re sharing the ideas and opportunities that excite us most for the year ahead.
.avif?u=https%3A%2F%2Fimages.ctfassets.net%2Fqtbqvna1l0yq%2F6jWCv8UL2kFPJizX6Lo2lh%2F718c8af0338d01af3ad120ffe8378314%2Fjohn_robert__1_.jpg&a=w%3D200%26h%3D200%26fm%3Davif%26q%3D75&cd=2019-04-23T15%3A05%3A11.951Z)
Last month, we hosted the Multicoin Summit in New York City. This annual gathering allows us to spotlight the most important trends of the year and share our insights on what to expect in the years ahead. To help unpack these ideas, we assembled an outstanding lineup of speakers, including founders and CEOs from Drift, Hivemapper, Baxus, Jito, Pyth, dFlow, Solana, Visa, and Double Zero.