Our Firm
Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets. We manage a hedge fund and several venture funds, investing across both public and private markets.
Since founding the firm in May 2017, we’ve developed a reputation for being forward-leaning, independent thinkers. We are known for pioneering token economic models, valuation methodologies, and challenging long-standing assumptions that the crypto ecosystem takes for granted.
Crypto is the first inherently global asset class, and the team covers activity around the world.
As a crypto-native fund, we actively engage and participate in the networks we invest in. Moreover, we are intimately familiar with the crypto technology landscape and market structure. We are hands-on investors, and will do everything in our power to maximize the success of our portfolio companies.
Today, we manage long duration capital on behalf of storied venture capital funds, family offices, institutions, and high net worth individuals.
The Team
The blockchain space is evolving at breakneck speed. Our team hails from diverse backgrounds, giving us a competitive edge in staying ahead.
Kyle Samani
Managing PartnerAs a former engineer, Kyle leads technical thesis formation and diligence. He is the more outwards facing partner, owning relationships with entrepreneurs and other investors. He is widely recognized in the crypto ecosystem for his writing and system-level analysis.
Kyle previously founded Pristine, a health IT startup that raised more than $5M in VC, and which was acquired by Upskill. Kyle holds degrees in Finance and Management from NYU.
Tushar Jain
Managing PartnerTushar leads our portfolio construction, risk management, and manages the team. He is passionate about the new economic paradigm enabled by blockchain technology and focuses on decentralized financial products, token economics, and blockchain go-to-market strategies.
Tushar previously founded ePatientFinder, a health IT tech startup that raised more than $10M in VC, and which was acquired by Elligo Health Research. Tushar holds degrees in Finance and Political Science from NYU.
Brian Smith
Partner, CFO and COOBrian leads finance and operations for the firm. He specializes in deal structuring, diligence, and legal and financial processes.
He has over 18 years of experience in public and private equity investing, investment banking, and corporate finance.
Brian previously served as a public equity analyst at Tiger Management (where he helped launch a Tiger-seeded hedge fund), a private equity investor with Fox Paine & Co., an investment banker at Greenhill & Co. and co-led finance at Bazaarvoice (BV) through the company’s IPO.
Matt Shapiro
Partner, Head of Investor Relations, and Member of the Investment TeamMatt leads investor relations and manages relationships with our partners. He also specializes in structured investments.
Matt has 15 years of investment banking experience structuring nine and ten-figure financings, spin outs, mergers, and acquisitions.
Greg Xethalis
Partner, General CounselGreg Xethalis is General Counsel of Multicoin Capital Management LLC. Joining Multicoin in July 2021, Greg manages all legal and policy functions for the firm and works with our portfolio companies on legal and policy strategy. Prior to joining Multicoin, Greg was a partner in the Investment Management and FinTech practices at Chapman and Cutler LLP. with 12 years of experience counseling clients on digital asset matters. Greg is a Director of the Blockchain Association, the DeFi Education Foundation and the Fordham Law Alumni Association, and Senior Lecturing Fellow at Duke University School of Law, where he teaches Fintech and Blockchain Law and Policy.
Daniel Leonardo
Chief Compliance Officer, Deputy General CounselDaniel Leonardo is a Chief Compliance Officer and Deputy General Counsel at Multicoin Capital, a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain technology.
Prior to joining Multicoin, Leonardo was an attorney in the Division of Examinations of the U.S. Securities and Exchange Commission (SEC). During his six-and-a-half year tenure at the SEC he was Senior Counsel in the Private Funds Unit and, previously, was Senior Counsel in the Investment Adviser/Investment Company program. Prior to working at the SEC Leonardo worked at ACA Compliance Group providing consulting services to registered investment advisers, including private funds. His legal experience also includes eight years of complex civil litigation experience in state and federal courts.
Spencer Applebaum
Investment PartnerSpencer Applebaum is an Investment Partner at Multicoin Capital. Previously, Applebaum worked at Bitspark, the world’s first blockchain remittance platform to leverage Bitcoin to send money overseas. While there he assisted with the development of Zephyr, a pegged cryptocurrency solution on the BitShares DEX. He later went on to work with Deloitte, an industry-leading audit, consulting, and tax advisory in their multi-state tax division.
Shayon Sengupta
Investment PartnerShayon Sengupta is an Investment Partner at Multicoin Capital. He previously worked as a Product Manager at Abodewell, a quantitative market maker in residential real estate. At Abodewell he led operations and development for their proprietary IoT security system, and held a senior role in growth operations and risk management for the firm’s inventory. Prior to Abodewell, Shayon worked on the Strategy and Business Development team at SAP.
Vishal Kankani
PrincipalVishal Kankani is a Principal on the investment team at Multicoin Capital. He joins Multicoin Capital from Deutsche Bank. As a Vice President at Deutsche Bank, Vishal structured, priced and sold complex derivatives and quantitative investment strategies to institutional clients such as asset managers, insurance companies, pension funds, family offices, etc. Prior to Deutsche Bank, Vishal traded Eurodollar Futures at a proprietary trading firm.
Brian Strugats
Head TraderBrian Strugats is Head Trader at Multicoin Capital, a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain technology.
He previously served as the Head of Trading at FalconX where he helped build and run one of the largest institutional crypto trading desks. Prior to FalconX, he held leadership positions at Glenhill Capital, XN, Balantrove and Fortress. Over the course of his career, he developed a rigorous approach to execution, compliance, and fund operations, and has served as both a trusted trader and an architect of critical fund infrastructure.
Brian attended the University of Maryland and Hofstra, and holds a degree in Business Administration and Accounting. When not working, he’s spending time with his wife and two children, exploring new restaurants, playing basketball, or traveling.