Multicoin Capital is a crypto-focused investment firm founded in 2017 that makes long-term, high-conviction investments in category-defining crypto companies and protocols across public and private markets. The firm operates two primary vehicles: a multi-billion dollar liquid hedge fund focused on tokens and public markets, and a venture fund series that backs early-stage crypto entrepreneurs. The firm is currently deploying from its third venture fund, a $422 million vehicle raised in January 2022, which makes investments ranging from $1M–$50M in early-stage companies. Multicoin takes a thematic, research-driven approach centered on its "Open Finance" thesis that every unit of value should be interoperable, programmable, and composable on distributed ledgers. The firm is known for its hands-on support of founders, helping with strategy, go-to-market, and navigating operational challenges. The investment team includes founders Kyle Samani and Tushar Jain, along with Investment Partners Spencer Applebaum and Shayon Sengupta, who were promoted in 2023 after demonstrating deep operational support for portfolio companies. Notable portfolio companies include Solana, Helium, Pyth Network, Drift, Jupiter, and TipLink.

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