Multicoin Capital
/ Introduction
Somos inversores basados en tesis que realizan inversiones a largo plazo y de alta convicción en empresas de cripto y protocolos que definen categorías en mercados públicos y privados.
/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
/Ethena: Synthetic Dollars Challenge Stablecoin Duopoly
Today, we’re proud to announce that our liquid fund invested in ENA, the native token for Ethena Protocol, the issuer of USDe, the leading synthetic dollar. In our blogpost, The Endgame for Stablecoins, we stated how stablecoins are the largest addressable markets in crypto and how yield is the final frontier. While we were directionally right on yield-bearing stablecoins, we underestimated the market size for synthetic dollars.
/La economía de la atención
A riesgo de ser excesivamente breves, hay dos tipos de activos: 1) activos de flujo de caja, principalmente acciones y bonos. Estos activos generan flujos de caja a los que los inversores asignan valor. 2) Activos de oferta y demanda: se aplican principalmente a las materias primas y al mercado de divisas. Los precios fluctúan en función de la oferta y la demanda.
Today, DoubleZero (DZ) launched onto mainnet-beta. Multicoin Capital co-led a $28M investment round in DoubleZero earlier this year. Blockchains are globally distributed systems. The core L1 teams have collectively invested $1B+ over the last decade optimizing networking protocols, consensus, execution, and storage.
/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.
Hoy nos complace recibir a Brian Strugats a Multicoin Capital como nuestro nuevo Head Trader. Brian será responsable de proporcionar la mejor ejecución para el fondo, gestionar nuestras relaciones de contraparte, proporcionar un contexto de mercado accionable para el equipo de inversión y mejorar nuestras capacidades de trading.
/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.
Hoy nos complace anunciar que Multicoin lideró una adquisición estratégica de $8M de GEOD, el token nativo de la red de Geodnet, de la Fundación Geodnet. Geodnet es una red de posicionamiento precisa que aprovecha la economía de DePIN para impulsar servicios de localización de misión crítica para drones, vehículos autónomos y las decenas de millones de robots que probablemente proliferarán en la Tierra en los próximos años.
En 1997, Deep Blue de IBM derrotó en un partido de ajedrez al entonces campeón mundial Garry Kasparov, quedando claro desde entonces que los motores de ajedrez de computadora pronto superarían a los humanos. Curiosamente, un humano bien preparado que trabaje junto con una computadora, un acuerdo a menudo llamado "centauro", podría superar a los motores más fuertes de aquella 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.