Multicoin Capital
Hedge Funds & Alternative Investments · Venture Capital
Overview
Multicoin Capital is a thesis-driven investment firm founded in 2017 and based in Austin, Texas. It runs both a venture fund and a liquid strategy, publishing detailed public research to explain its positions. The firm is closely associated with early backing of high-throughput networks and decentralised physical infrastructure projects.
Investor profile
Venture capitalInvestments
2
2 of them startups
Hiring now
0
companies with open roles
Deals in 12 months
1
1 as the lead
Rounds in 12 months
2
$10.5M raised
Focusshare of its companies
Commerce 50%Blockchain & Crypto 50%Artificial Intelligence 50%
Stage of its companies
Pre-seed & seed 100%
Its companies, the freshest money firstAll 2 investments
Sources: 2 rounds in the press that name it
Connections
List
Graph
Found in company registers, site code, DNS and hiring. Each connection shows how sure we are and the evidence, with its source and date.
Shared investors
Vintage Investment PartnersVia a fund
Click a company to open it. Dashed lines are likely connections. The second step of the network is part of the Pro plan.
Owner
Same company
Same group
Likely
News
Multicoin sends $10.15 million in HYPE to Coinbase Prime, reviving sell-pressure fears
On August 18, Onchain Lens, which tracks blockchain transactions, reported that Multicoin Capital had moved about 172,710 HYPE (about $10.15 million) to
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Multicoin Capital invests over $100M in Hyperliquid's HYPE token
Multicoin Capital invests over $100M in Hyperliquid's HYPE token. HYPE reaching $100 by December 31, 2026 at 15.5% YES.
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Hyperliquid (HYPE) Analysis & Valuation
Today, we publish our full analysis and valuation of Hyperliquid (HYPE).
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Investing for the Long Haul
Three years ago, we announced that Spencer Applebaum and Shayon Sengupta had been promoted to Investment Partner.
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RWAs Are Just Built Different
For most of DeFi's history, activity remained mostly self-referential and endogenous to the crypto ecosystem. People traded crypto for crypto, borrowed crypto using other crypto as collateral, and built derivatives based on crypto prices.
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Internet Labor Markets
There are only two ways to onboard to crypto: you buy in or you earn in. A buyer explicitly swaps fiat/traditional assets into crypto assets or onto crypto rails. An earner gets paid for work, receiving cryptoassets.
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Adverse Selection Rules Everything Around Me
Onchain liquidity has mostly evolved by focusing on one thing at a time. Early on, the main goal was simply to have a counterparty for takers without (a) having to post bids in a central limit order book (CLOB) on Ethereum (where that's not feasible)...
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ACE is the place with the helpful value capture
When Anatoly first pitched us Solana (originally called Loom), his deck was called "Blockchain at NASDAQ Speed." Public blockchains have evolved a lot since then, but at their core, they're still ledgers for the world's financial assets.
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Multicoin Capital's Investment Thesis
Multicoin Capital launched on October 1, 2017. We started the firm with the view that crypto would eventually reshape global markets. Our logo, a phoenix, represents a new financial system rising from the ashes of the old one.
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Recapping Crypto's Most Consequential Year
When we look back in a not-so-distant future, I believe we'll remember 2025 as one of the most consequential years in the history of crypto.
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Offices
Where the company hires and what each office is for
Cities
1
Hiring now
0
Countries
1
Austin
United States
HQ