/ Writing

/Building The Attention Economy

Eli Qian
by Eli Qian
October 23, 2025 | 10 minute read

At the risk of being overly succinct, there are broadly two types of assets: 1) Cash Flow Assets — primarily equities and bonds. These assets generate cash flows that investors assign value to. 2) Supply & Demand Assets — mostly applies to commodities and forex. Prices fluctuate based on supply and demand. Recently, crypto has instigated a new type of asset—one valued on attention. Today, “Attention Assets” are primarily user-generated assets (UGAs), like NFTs, creator coins, and memecoins.

Eli Qian
by Eli Qian
October 23, 2025 | 10 minute read

/IBRL

Kyle Samani
October 2, 2025 | 5 minute read

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.

Kyle Samani
October 2, 2025 | 5 minute read

/Creating The World’s Leading Solana Treasury Company

Kyle Samani
Multicoin Capital
by Kyle Samani & Multicoin Capital
September 11, 2025 | 10 minute read

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.

Kyle Samani
Multicoin Capital
by Kyle Samani & Multicoin Capital
September 11, 2025 | 10 minute read

/欢迎 Brian Strugats 加入 Multicoin Capital

Kyle Samani
July 15, 2025 | 2 minute read

今天,我们很高兴欢迎 Brian Strugats 加入 Multicoin Capital 担任我们的新任首席交易员。 Brian 将负责基金的最佳运行,管理与合约另一方的关系,为投资团队提供有用的市场背景信息,并改进我们的交易能力。

Kyle Samani
July 15, 2025 | 2 minute read

/发行和交易的新模式

Vishal Kankani
Shayon Sengupta
Kyle Samani
June 26, 2025 | 14 minute read

普通人在传统金融体系中几乎无法创建新的可交易资产。加密货币显著简化了这一过程。如今,任何人都能在数秒内于 Solana 上以近乎零成本创建新资产。 因此,用户生成资产(UGA)呈现爆发式增长。

Vishal Kankani
Shayon Sengupta
Kyle Samani
June 26, 2025 | 14 minute read

/Jito (JTO) 资产报告

Shayon Sengupta
Tushar Jain
March 4, 2025 | 4 minute read

过去三年,Multicoin Capital 通过旗下的对冲基金和风险基金,在 Jito Network 原生代币 JTO 上获得了相当大的持仓。 以下是我们 45 页资产报告的执行摘要。您可以点击“阅读完整报告”按钮,下载完整的报告和分析,包括我们的估值模型和价格目标。

Shayon Sengupta
Tushar Jain
March 4, 2025 | 4 minute read

/Where Are All The Robots?

Shayon Sengupta
February 25, 2025 | 6 minute read

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.

Shayon Sengupta
February 25, 2025 | 6 minute read

/反转人类代理关系

Shayon Sengupta
January 30, 2025 | 12 minute read

1997 年,IBM 的 Deep Blue 在国际象棋比赛中击败了当时的世界冠军 Garry Kasparov,这表明计算机国际象棋引擎很快就会超越人类。有趣的是,一个准备充分的人在与一部计算机(通常称为“centaur”的计算机系统)合作时,就可以胜过那个时代最强大的引擎。

Shayon Sengupta
January 30, 2025 | 12 minute read

/Solana 投资论点:互联网资本市场

Kyle Samani
January 22, 2025 | 17 minute read

自 2018 年 5 月 Solana 种子轮融资以来,Multicoin Capital 持续投资于 Solana 的原生代币 SOL 及更广泛的 Solana 生态系统。在此期间,我们发布了四篇 Solana 投资论点。 前两篇发表于 2020 年 3 月主网生成首个区块前的九个月。随着 Solana 网络的发展,我们对 Solana 网络及作为资产的 SOL 的思考框架也在不断演进。

Kyle Samani
January 22, 2025 | 17 minute read

/Some Things Never Change, Even In 2025

Multicoin Capital
by Multicoin Capital
January 9, 2025 | 12 minute read

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.

Multicoin Capital
by Multicoin Capital
January 9, 2025 | 12 minute read
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