EntityEngine
Venture Capital

Multicoin Capital

Thesis-driven fund making high-conviction ecosystem bets — famous for early Solana

Austin, USAEst. 2017Multiple funds — several hundred million AUM
Visit website

Quick Facts

Best For
Founders with bold ecosystem theses and willingness to work with a fund that takes concentrated, high-conviction positions
Check Size
$500K–$50M+
Stage
Seed through Growth

Overview

Multicoin Capital is one of crypto's most distinctive venture funds, known for making large, thesis-driven ecosystem bets rather than diversified portfolio strategies. The fund operates both a venture fund and a hedge fund, allowing it to take positions across the capital structure of its strongest conviction plays. Multicoin's early, high-conviction bet on Solana — when most investors dismissed it — became one of the most celebrated trades in crypto venture history and exemplifies the fund's approach: deep research, contrarian conviction, and long holding periods.

Focus Areas

L1 Ecosystem BetsDeFi InfrastructureConsumer CryptoOpen MetaverseWeb3 InfrastructureEmerging Chain Ecosystems

Who They Back

Ecosystem-defining Protocol TeamsConsumer Crypto FoundersInfrastructure Builders with Novel Theses

Notable Portfolio

SolanaThe GraphHeliumArweavePyth NetworkHivemapper

Key Partners

  • Kyle Samani (Managing Partner)
  • Tushar Jain (Managing Partner)

How to Approach

Read Multicoin's public theses — cold outreach aligned with their published investment convictions has higher success rate than generic pitches

Frequently Asked Questions about Multicoin Capital

What is Multicoin Capital's check size range?
Multicoin writes checks from $500K to $50M+, investing through both a venture fund (equity and tokens in early-stage companies) and a hedge fund (token positions in liquid assets). This dual structure allows Multicoin to take positions across the capital structure of its highest-conviction plays — a distinctive capability that enables larger effective exposure to ecosystem bets than pure venture funds can achieve.
What stage does Multicoin invest at?
Multicoin invests from seed through growth — and unusually, maintains positions across market cycles due to its hedge fund structure. The fund is known for long conviction periods rather than quick exit-seeking, which reflects its thesis-driven approach. Its early Solana bet (held through significant drawdowns) exemplifies the fund's tolerance for volatility in service of high-conviction ecosystem theses.
How do I approach Multicoin Capital?
The most effective approach to Multicoin is to read the fund's public investment theses — available on their blog and through managing partners Kyle Samani and Tushar Jain's public writing — and align a pitch directly with their published convictions. Cold outreach that demonstrates genuine engagement with their thesis has a higher success rate than generic pitches. Conference relationships and ecosystem introductions also provide effective pathways.
Does Multicoin invest in both venture equity and tokens?
Yes — Multicoin operates both a venture fund (equity and token investments in early-stage companies) and a hedge fund (liquid token positions). This dual structure is one of the fund's distinctive features, allowing it to take concentrated positions in ecosystems it believes in across the full liquidity spectrum. For founders, the venture fund is the relevant vehicle for equity and early-stage token investment.
What does Multicoin look for in a potential investment?
Multicoin looks for founders with bold ecosystem theses and the conviction to hold through adversity — a team that has thought through not just the product but the token economics, competitive dynamics, and long-term ecosystem positioning. The fund makes concentrated, high-conviction bets rather than diversified portfolios, so it needs to believe a project is genuinely ecosystem-defining, not just incrementally better than alternatives.
Who are the managing partners at Multicoin Capital?
Kyle Samani and Tushar Jain are the co-founders and managing partners of Multicoin Capital, based in Austin, Texas. Both are prolific public writers and conference speakers, with Kyle Samani particularly active on X (formerly Twitter) with commentary on DeFi, Solana ecosystem development, and crypto market structure. Engaging with their public work is a legitimate strategy for getting on the fund's radar.

Setting up a business entity?

If you're working with Multicoin Capital, you may need a properly structured entity. EntityEngine handles incorporation in 15+ jurisdictions — with fast setup and bank-ready documentation.

Explore incorporation options

Related Venture Capital Listings

Coinbase Ventures

Venture Capital

Strategic corporate VC backing the ecosystem Coinbase wants to help build

San Francisco, USA
Ethereum & Base EcosystemDeFi ProtocolsWallet & UX Infrastructure+4

Best for: Early-stage founders who want exchange ecosystem access, institutional credibility, and a fast-moving corporate VC decision process

View profile

Andreessen Horowitz (a16z crypto)

Venture Capital

The world's largest and most influential crypto venture fund

Menlo Park, USA
L1 & L2 InfrastructureDeFi ProtocolsConsumer Crypto+5

Best for: Founders who want a large, multi-stage partner with heavyweight platform support across capital, hiring, policy, and ecosystem

View profile

Variant Fund

Venture Capital

The ownership economy fund — backing crypto projects that return value to users

San Francisco, USA
Consumer Crypto & SocialCreator Economy & NFTsCommunity-owned Protocols+3

Best for: Consumer, creator, and community-focused Web3 founders who are building ownership-economy products

View profile
crypto VCventure capitalSolana ecosystemL1 investmentDeFi infrastructureconsumer cryptoUSAthesis-driven investingcrypto hedge fundecosystem bets

This directory is compiled from publicly available information and may contain inaccuracies or outdated details. Listings do not imply endorsement or a commercial relationship unless explicitly stated. If you represent a listed organisation and would like to request amendments or removal, please contact us at support@entityengine.io.