Multicoin Capital

Multicoin Capital is a thesis-driven crypto investment firm founded in 2017 by Kyle Samani and Tushar Jain in Austin, Texas. With $500M+ AUM across hedge fund and venture fund products, Multicoin is known for making highly concentrated, non-consensus bets on category-defining crypto companies and protocols. The firm operates both public and private market strategies, often taking 30-50%+ positions in breakthrough projects.

Multicoin's investment philosophy centers on eight contrarian methodologies, aggressive public thesis-driven research, and long-term conviction in transformative crypto technologies. The firm has earned recognition as one of the best-performing crypto funds, with major early bets on Solana, Helium, Arweave, and Aptos.

For AI and robotics builders, Multicoin offers deep expertise in DePIN (Decentralized Physical Infrastructure Networks), AI x crypto convergence, and zero-employee companies powered by AI agents. The firm emphasizes technical depth, strong tokenomics, and global-scale trust-minimized computation.

Investment Focus 2025-2026:

• DePIN Robotics - Autonomous vehicles, robotics networks, distributed data capture (Hivemapper, Frodobots)
• Zero-Employee Companies - AI agent-powered businesses, autonomous operations, DAO governance
• On-Chain Securities - Tokenized equities, fixed income, LP interests, rapid settlement
• AI Infrastructure - Fully homomorphic encryption (FHE), privacy-preserving compute, AI model training
• Web Proofs & zkTLS - Verification crypto, tamper-proof data, identity/media provenance
• Portfolio Margining - Cross-asset collateralization, unified liquidity, programmable finance
• DeFi Innovation - Staking yields, buy-now-pay-never models, spend-your-portfolio solutions
• Crypto Infrastructure - Layer 1 blockchains, interoperability, developer tooling

2025 Frontier Thesis: Multicoin is particularly focused on the convergence of crypto and AI, where blockchain enables new economic models for autonomous systems. The incoming pro-crypto regulatory environment and technical maturity of L1s, DeFi, and DePIN create optimal conditions for breakthrough innovations.

Investment Stage & Size

• Primary Focus: Seed, Series A, token purchases
• Check Size: $100K - $5M (average), can go significantly higher for high-conviction bets
• Lead Investor: Can lead or co-lead rounds
• Concentration Strategy: Known for 30-50%+ fund allocation to single high-conviction positions
• Investment Types: Equity, tokens (SAFT/token purchase agreements), liquid digital assets
• Follow-On: Strong track record across private and public markets

Company Profile

• Stage: Pre-seed through Series B+
• Team: Technical founders with crypto-native experience and intrinsic motivation
• Market: Trillion-dollar markets being reshaped by crypto/blockchain
• Traction: Shipped code, active mainnet/testnet, community engagement
• Vision: 5-10 year commitment to category creation through market cycles
• Geography: Global, with focus on USA-based or international teams

Sector Alignment

High Priority (2025-2026):

• DePIN robotics and autonomous systems
• AI agent infrastructure and zero-employee companies
• On-chain securities and tokenized assets
• Privacy-preserving compute (FHE, zkTLS, web proofs)
• Layer 1 blockchains and execution platforms
• DeFi primitives and financial innovation
• Decentralized storage and data networks
• Interoperability and cross-chain infrastructure

Active Interest:

• NFT infrastructure and digital ownership
• Gaming and metaverse platforms
• Stablecoins and payments
• Identity and reputation systems
• DAO tooling and governance
• Decentralized energy networks

Lower Priority:

• Pure consumer apps without crypto advantage
• Traditional SaaS with blockchain add-ons
• Centralized crypto services
• Projects without clear token value accrual

ZHC-Specific Fit

✅ Excellent for:

• DePIN robotics projects - Autonomous vehicles, drone networks, sensor networks with token incentives
• AI x Crypto infrastructure - Training data platforms, compute marketplaces, AI agent economies
• Technical founders - Deep blockchain/robotics expertise, published research, open-source contributions
• Zero-employee companies - AI-powered autonomous businesses, DAO-governed operations
• Trust-minimized systems - Protocols replacing centralized intermediaries at global scale
• Large market opportunities - Addressing trillion-dollar industries with crypto-native solutions
• Novel tokenomics - Creative approaches to incentive design and value capture

❌ Poor fit if:

• Consumer-only focus without infrastructure potential
• No clear crypto-native advantage over traditional solutions
• Weak or missing token economics
• Short-term narrative chasing vs long-term building
• Team lacks crypto market understanding
• Regulatory-hostile positioning
• Mercenary founder mindset

Getting in Front of Multicoin

1. Warm Introduction (Strongly Preferred)

• Portfolio company founder referral (Solana, Helium, Aptos ecosystem)
• Crypto ecosystem connections (other VCs, protocol teams, developers)
• Industry conference introductions (Consensus, Token2049, EthCC)
• Accelerator connections (Alliance DAO, Techstars Crypto)
• Cold outreach via contact form: multicoin.capital/contact

2. Initial Outreach

• Contact form on website (primary method)
• Twitter DMs to partners: @KyleSamani, @TusharJain_, @SpencerApplebau, @shayonsengupta
• Email (if obtained through intro): hello@multicoin.capital
• Include: One-line thesis, why crypto-native advantage exists, team background, traction
• Link to GitHub, testnet, or live product
• Reference specific Multicoin research if relevant to your category

3. First Meeting

• 30-60 minute initial call with partner
• Deep technical and thesis discussion
• Questions on: Why blockchain? Why now? Why this team? What's the contrarian insight?
• Be prepared to discuss token economics in detail
• Bring technical co-founder to demonstrate depth
• Multicoin values transparency about challenges and competition

4. Due Diligence Process

• Technical: Code review, architecture assessment, cryptographic primitives
• Market: TAM analysis, competitive landscape, adoption vectors
• Team: Background verification, reference calls, technical assessments
• Token Economics: Value accrual mechanisms, distribution, governance, liquidity strategy
• Thesis Alignment: How does this fit Multicoin's contrarian frameworks?
• Regulatory: Entity structure, compliance strategy, legal risks
• Timeline: 2-8 weeks depending on deal complexity and stage

5. Partnership & Investment

• Term sheet (lead, co-lead, or participating investor)
• Board seat for larger investments or strategic importance
• Active post-investment involvement (strategic guidance, introductions, token design)
• Public thesis publication (Multicoin often writes about investments)
• Ongoing support through market cycles
• Help with follow-on fundraising and liquidity events

What Multicoin Looks For

Founders:

• Missionaries, not mercenaries - intrinsic motivation to solve hard problems
• Willingness to commit 5-10+ years through multiple market cycles
• Deep technical expertise in blockchain, cryptography, distributed systems, or robotics
• Contrarian thinking and willingness to challenge industry assumptions
• Ability to attract world-class talent
• Transparency and intellectual honesty

Product:

• Clear crypto-native advantage that couldn't exist without blockchain
• Novel approach to known problems or creation of new categories
• Strong network effects and defensibility
• Realistic path to adoption and liquidity
• Trust-minimized architecture at global scale

Market:

• Trillion-dollar market opportunity or new market creation
• Timing advantages (infrastructure ready, regulatory clarity emerging)
• Clear demand signals from users or enterprises
• Potential for category dominance

Execution:

• Shipped mainnet or active testnet with real users
• Community engagement and developer adoption
• Thoughtful tokenomics with clear value accrual
• Regulatory awareness and proactive compliance strategy
• Capital efficiency and clear milestone roadmap

Timeline Expectations

• Initial response: 1-3 weeks for warm intros, longer for cold outreach
• First meeting to term sheet: 4-8 weeks for high-conviction fits
• Due diligence: 2-4 weeks
• Closing: 2-4 weeks
• Total process: 2-4 months typical, can be faster for compelling opportunities

Multicoin Capital

• Website: multicoin.capital
• Contact Form: multicoin.capital/contact
• Twitter: @multicoincap
• LinkedIn: linkedin.com/company/multicoincapital
• Email: hello@multicoin.capital

Key Partners & Team

• Kyle Samani - Co-Founder & Managing Partner
  • Twitter: @KyleSamani
  • Focus: DePIN robotics, zero-employee companies, L1 infrastructure
• Tushar Jain - Managing Partner
  • Twitter: @TusharJain_
  • Focus: On-chain securities, DeFi, tokenized assets, regulatory strategy
• Spencer Applebaum - Investment Partner
  • Twitter: @SpencerApplebau
  • Focus: Portfolio margining, programmable finance, consumer crypto
• Shayon Sengupta - Investment Partner
  • Twitter: @shayonsengupta
  • Focus: zkTLS, FHE, verification crypto, AI x blockchain
• Matthew Shapiro - Partner
• Brian Smith - Partner, CFO & COO
• John Robert Reed - Partner

Office

• Austin, Texas (HQ) - 111 Congress Ave, Suite 2900
• New York, NY office

Portfolio Highlights (112+ investments)

• Layer 1s: Solana, NEAR, Aptos, Dfinity, Algorand
• DeFi: Helium, Render, Lido, Audius, Hivemapper
• Infrastructure: Arweave, The Graph, Ceramic, StarkWare, LayerZero
• AI x Crypto: Frodobots (DePIN robotics), Worldcoin
• Exchanges: FTX (exited), Drift Protocol
• Stablecoins: Mountain Protocol
• Recent: LI.FI ($29M bridge infrastructure), Arch Network, Sei Labs

Media & Research

• Blog/Insights - Regular thesis-driven research
• "Frontier Ideas for 2025" - Annual forward-looking thesis
• Policy - Regulatory commentary
• Active Twitter presence with market analysis
• Podcast appearances: Bankless, Unchained, The Pomp Podcast
• Known for public, contrarian investment theses