multicoin.capital

# Multicoin Capital Website

> We are a thesis-driven investment firm specializing in cryptocurrencies and blockchain companies, offering insights, policies, and portfolio updates.

## Pages
- [Homepage](https://multicoin.capital): We make long-term, high-conviction investments in category-defining crypto companies and protocols across public and private markets on behalf of sophisticated families, foundations, endowments, and institutional investors.
- [Policy](https://multicoin.capital/policy): Multicoin Capital's leadership and legal team engage in policy initiatives aimed at advancing a pro-crypto environment in the United States and abroad. Crypto is a technology that introduces novel regulatory and policy questions that require a deep understanding of distributed technologies, open source protocols, securities, commodities and commercial law, finance and geopolitics.
- [Press](https://multicoin.capital/press/): For media inquiries, please email John Robert Reed with your full name, the publication you're writing for, and a brief description of the story that you're working on.
- [About](https://multicoin.capital/about): Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets. We manage a hedge fund and several venture funds, investing in both public and private markets.
- [Blog](https://multicoin.capital/blog): Insights - MCC Writing
- [Portfolio](https://multicoin.capital/portfolio/): In addition to managing a portfolio of liquid assets, we invest in early-stage private equity and token deals. We often invest in a Seed or Series A, and work with founders and their teams over multiple rounds of investment across private and public markets.
- [Contact](https://multicoin.capital/contact/): If you're interested in investing in our funds, please fill out the form below and we'll get back to you promptly.
- [Search](https://multicoin.capital/search/): Search through Multicoin Capital's insights, posts, and podcasts.

## Posts
- [Recapping Crypto’s Most Consequential Year](https://multicoin.capital/2025/12/12/recapping-cryptos-most-consequential-year/index.md): 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. The sheer number and magnitude of de-risking events this year have been truly unprecedented. From the passage of the historic GENIUS Act—arguably the most important piece of financial legislation since Dodd-Frank—to the definitive end of Chokepoint 2.0, this year has marked a decisive turning point.
- [Specialized Stablecoin Fintechs ](https://multicoin.capital/2025/12/10/specialized-stablecoin-fintechs/index.md): Over the last two decades, fintech has changed how people access financial products, but not how money actually moves. Innovation focused on cleaner interfaces, smoother onboarding, and better distribution, while the core financial infrastructure remained largely unchanged. For most of this period, the stack was being resold, but not rebuilt.
- [Ethena: Synthetic Dollars Challenge Stablecoin Duopoly](https://multicoin.capital/2025/11/13/ethena-synthetic-dollars-challenge-stablecoins-duopoly/index.md): Today, we’re proud to announce that our liquid fund invested in ENA, the native token for Ethena Protocol, the issuer of USDe, the leading synthetic dollar. In our blogpost, The Endgame for Stablecoins, we stated how stablecoins are the largest addressable markets in crypto and how yield is the final frontier. While we were directionally right on yield-bearing stablecoins, we underestimated the market size for synthetic dollars.
- [Building The Attention Economy ](https://multicoin.capital/2025/10/23/building-the-attention-economy/index.md): 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.
- [IBRL](https://multicoin.capital/2025/10/02/double-zero-ibrl/index.md): 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.
- [Creating The World’s Leading Solana Treasury Company ](https://multicoin.capital/2025/09/11/creating-the-worlds-leading-solana-treasury-company/index.md): 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.
- [Welcoming Brian Strugats To Multicoin Capital ](https://multicoin.capital/2025/07/15/welcoming-brian-strugats-to-multicoin-capital/index.md): Today, we are thrilled to welcome Brian Strugats to Multicoin Capital as our new Head Trader. Brian will be responsible for providing best execution for the fund, managing our counterparty relationships, providing actionable market context to the investment team, and enhancing our trading capabilities.
- [New Modalities for Issuance and Trading](https://multicoin.capital/2025/06/26/new-modalities-for-issuance-and-trading/index.md): It is effectively impossible for a regular person to create a new tradeable asset on traditional financial rails. Crypto trivializes this. Today, anyone in the world can create new assets on Solana in a few seconds for ~$0 cost. Consequently, there has been an explosion in user-generated assets (UGAs).
- [Jito (JTO) Asset Report](https://multicoin.capital/2025/03/04/jito-asset-report/index.md): Over the past three years, Multicoin Capital has acquired a significant position in JTO, the native token of the Jito Network, across our hedge fund and venture funds. An executive summary of our 45 page asset report is presented below. You may download the complete report and analysis, including our valuation model and price target, by clicking the "Read Full Report" button.
- [Where Are All The Robots?](https://multicoin.capital/2025/02/25/where-are-all-the-robots/index.md): 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.
- [Inverting The Human-Agent Relationship](https://multicoin.capital/2025/01/30/inverting-the-human-agent-relationship/index.md): In 1997, IBM’s Deep Blue defeated then-World Champion Garry Kasparov in a chess match, and it became clear that computer chess engines would soon surpass humans. Interestingly, a well-prepared human working together with a computer—an arrangement often called a "centaur"—could outperform the strongest engines of that era.
- [The Solana Thesis: Internet Capital Markets](https://multicoin.capital/2025/01/22/the-solana-thesis-internet-capital-markets/index.md): Multicoin Capital has been investing in Solana’s native asset, SOL, and the broader Solana ecosystem since Solana’s seed round in May 2018. We have previously published four theses about Solana in that time. The first two were published about nine months before mainnet produced its first block in March 2020. As the Solana network has evolved, so has our frame of reference on how to think about the Solana network, and SOL the asset.
- [Some Things Never Change, Even In 2025](https://multicoin.capital/2025/01/09/some-things-never-change-even-in-2025/index.md): 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.
- [Frontier Ideas For 2025](https://multicoin.capital/2025/01/07/frontier-ideas-for-2025/index.md): 2025 is poised to be a pivotal year for the industry. The emergence of the first pro-crypto regulatory framework, combined with the technical maturity of Layer 1 blockchains, DeFi protocols, DePIN networks, and stablecoins, is creating fertile ground for the next wave of frontier innovations. Staying true to our tradition, we’re sharing the ideas and opportunities that excite us most for the year ahead.
- [Highlights From The 2024 Multicoin Summit](https://multicoin.capital/2024/12/13/highlights-from-the-2024-multicoin-summit/index.md): Last month, we hosted the Multicoin Summit in New York City. This annual gathering allows us to spotlight the most important trends of the year and share our insights on what to expect in the years ahead. To help unpack these ideas, we assembled an outstanding lineup of speakers, including founders and CEOs from Drift, Hivemapper, Baxus, Jito, Pyth, dFlow, Solana, Visa, and Double Zero.
- [P2P Pipes](https://multicoin.capital/2024/09/16/p2p-pipes/index.md): The first large scale P2P application on the Internet was Napster (email/SMTP was designed to be P2P and self-hosted, but in practice ended up federated). The spiritual successor to Napster was the BitTorrent protocol, which at peak, represented ~25-35% of all internet traffic in the mid-2000s. Both were permissionless: anyone could host any file.
- [The Great Energy Coordination Problem](https://multicoin.capital/2024/09/12/the-great-energy-coordination-problem/index.md): Today, we are proud to announce a $12M round in Fuse. Fuse is a core contributor to Project Zero, a renewable energy DePIN designed to solve the great energy coordination problem. Fuse is a full-stack renewable energy company built by Alan Chang and Charles Orr, who were both early employees at Revolut. Alan and Charles were pivotal to the early growth of Revolut, and set their sights on solving the energy crisis in 2022.
- [Drift ($DRIFT) Analysis and Valuation](https://multicoin.capital/2024/09/10/drift-analysis-and-valuation/index.md): Multicoin has accumulated a large position across our funds—both liquid and venture—in DRIFT, the native token of Drift, a derivatives decentralized exchange (derivatives DEX) on Solana. We built the position over the last few years via private and public markets. An executive summary of our 25 page report is presented below.
- [All Markets Are Not Created Equal: 7 Factors To Consider When Evaluating Blockchain-Enabled Collectibles Marketplaces (BECMs)](https://multicoin.capital/2024/08/22/blockchain-enabled-collectibles-marketplaces/index.md): Collecting is big business. Today, over one-third of Americans self-identify as collectors, and, as of 2024, the market size for collectibles is now nearly $500 billion dollars. Collectibles are a booming industry—and blockchains are coming for them. A growing subset of the world’s collectors are actually traders whose sole intent is to buy and sell billions of dollars worth of collectibles—from rare whiskeys to luxury watches to handbags—with the goal of flipping them and making a profit.
- [The Endgame for Stablecoins](https://multicoin.capital/2024/06/06/the-endgame-for-stablecoins/index.md): Today, we’re proud to announce our investment in Mountain Protocol, the issuer of USDM, a permissionless, yield-bearing stablecoin backed entirely by US Treasuries. We led the Series A round, which also included Castle Island Ventures, Coinbase Ventures and others. Stablecoins are among the largest addressable markets in crypto.
- [The Dawn of Bitcoin Programmability](https://multicoin.capital/2024/05/09/the-dawn-of-bitcoin-programmability/index.md): Today, we are proud to announce our investment in Arch, a Bitcoin-native application platform that unlocks bridgeless decentralized finance (DeFi) on the world's most valuable blockchain. We led the investment with participation from OKX Ventures, Big Brain Holdings, Portal Ventures, CMS Holdings, Tangent and others.
- [Unbundling Sotheby’s ](https://multicoin.capital/2024/05/03/unbundling-sothebys/index.md): DeFi’s arch of innovation, historically speaking, has been focused on introducing new financial primitives, like AMMs and perpetuals, that give users new ways to trade cryptoassets. As of today, the land grab for obvious primitives has mostly ended, leaving only smaller exotic primitives to explore. The next wave of innovation will focus on using DeFi rails to fix broken markets.
- [Enter The Wormhole ](https://multicoin.capital/2024/04/03/enter-the-wormhole/index.md): Crypto is going multichain and needs a secure but flexible interoperability platform to connect the industry. Wormhole is one of the leading solutions in the market with a full-stack interoperability platform. Today I’m excited to announce that we co-led a $225M round in Wormhole. This round closed late last year; we are formally announcing our investment today to coincide with the launch of W token, which goes live today.
- [Publisher-Exchanges: Consumer Applications and the Attention Theory of Value  ](https://multicoin.capital/2024/03/12/publisher-exchanges-consumer-applications-and-the-attention-theory-of-value/index.md): “The price is the news” is an often used adage in crypto circles any time there is heightened engagement and awareness around a network following fast price action. It has become clear to me that the inverse of this statement is perhaps more profoundly true: “The news is the price.” In my contribution to What Multicoin is Excited About For 2024, I described a marked shift in how markets price assets that I labeled the “Attention Theory of Value.”
- [The Holy Grail of Cryptography](https://multicoin.capital/2024/03/07/the-holy-grail-of-cryptography/index.md): In some sense, every server-side security vulnerability or exploit over the last 30 years shares the same root cause: some sensitive piece of data was left unencrypted (or an attacker gained access to a decryption key). When presented in this frame, the solution is fairly obvious: don’t ever decrypt data, and ensure no decryption key is ever stored on any server.
- [Building The Internet of GPUs](https://multicoin.capital/2024/03/05/building-the-internet-of-gpus/index.md): We are excited to announce our investment in io.net, the leading distributed compute marketplace for AI workloads. We led the seed and participated in the Series A Round. In total, io.net has raised $30M from Multicoin, Hack VC, 6th Man Ventures, Modular Capital, and a syndicate of deeply connected angel investors to make on-demand, production-ready compute markets a reality.
- [The Foundational DeFi Primitive of Filecoin](https://multicoin.capital/2024/02/06/the-foundational-defi-primitive-of-filecoin/index.md): The Filecoin Virtual Machine (FVM) launched on March 14, 2023 (pi day). There is nothing else in crypto quite like the FVM. It allows developers to bind payments and DeFi to real world primitives on the Filecoin network, starting with storage. Over time, we expect the FVM to also allow for direct programmability of bandwidth and compute resources as well.
- [What Multicoin Is Excited About For 2024](https://multicoin.capital/2024/01/16/what-multicoin-is-excited-about-for-2024/index.md): At the end of every year we come together and discuss some of the biggest changes we’re expecting in the year ahead. For the first time, we’re publishing these ideas. Please feel free to reach out to any of us to discuss these ideas further.
- [Oracles and the New Frontier for Application-Owned Orderflow Auctions](https://multicoin.capital/2023/12/14/oracles-and-the-new-frontier-for-application-owned-orderflow-auctions/index.md): Today, we are excited to announce our investment in Pyth Network, the leading first-party oracle in crypto. The implicit premise behind legacy oracles in crypto has been that all data—including financial data—is freely available and accessible to on-chain contracts. Accordingly, oracles simply need to incentivize supply-side network contributors to scrape and aggregate this data, come to consensus on it, and bring it on-chain.
- [Build With Squads](https://multicoin.capital/2023/10/16/build-with-squads/index.md): Today, we are proud to announce our investment in Squads Labs, a core contributor to the Squads Protocol, the leading multisig solution on Solana. Their latest $5.7M round brings Squad’s total funding to date to $12.5M. We first invested in Squads in late 2021, and since then they have grown to become a powerhouse in the Solana ecosystem and, we believe, a best-in-class multisig solution on Solana for institutional traders, crypto-prosumers, and builders.
- [Discussions from the 2023 Multicoin Summit](https://multicoin.capital/2023/10/06/discussions-from-the-2023-multicoin-summit/index.md): On September 27-28, we held our annual summit in Austin, Texas, which brings together some of the brightest and most influential minds in crypto to explore the latest trends and issues shaping the industry. This event is primarily for our Limited Partners, so thank you, again, to all of you who came down to see us this year. We appreciate your continued support.
- [The Dawn of On-Chain FHE](https://multicoin.capital/2023/09/26/the-dawn-of-on-chain-fhe/index.md): The two most challenging technical problems in crypto have been clear for a decade: scaling and confidentiality. Most of the discourse in the industry is around scaling; meanwhile, a handful of teams continue to quietly build a variety of advanced cryptographic techniques to enable confidentiality. Today, I’m excited to announce that Multicoin has led a $7.5M investment into Fhenix, which is pioneering a fundamentally new approach to on-chain confidentiality.
- [Exploring The Design Space Of DePIN Networks ](https://multicoin.capital/2023/09/21/exploring-the-design-space-of-deping-networks/index.md): In April 2022, we published our thesis on Proof of Physical Work (PoPW) networks (now, more colloquially referred to as “Decentralized Physical Infrastructure Networks,” or “DePIN” for short). In that essay, we wrote: “[PoPW networks] incentivize people to do verifiable work that builds real-world infrastructure. Relative to traditional forms of capital formation for building physical infrastructure, these permissionless and credibly-neutral protocols:"
- [Exploring Long-Term Staking in PoS Networks](https://multicoin.capital/2023/08/24/exploring-long-term-staking-in-pos-networks/index.md): Today, nearly every proof-of-stake (PoS) network offers rewards through protocol staking and inflation; however, none have yet to offer a killer feature: long-term staking. Term structures[1] allow investors to strategically lock up capital for distinct periods of time in exchange for generally greater returns on investment. In finance, term rates make up a yield curve, which is an essential ingredient into well-functioning financial markets.
- [The Hidden Costs of Modular Systems](https://multicoin.capital/2023/08/15/the-hidden-costs-of-modular-systems/index.md): Over the past two years, the scaling debate has narrowed and fixated on the central question of modularity vs integration. (Note that discourse in crypto often conflates “monolithic” and “integrated” systems. There is a rich history of debate in technology over the last 40 years about integrated vs. modular systems at every layer of the stack. The crypto incarnation of this dialogue should be framed through the same lens; this is far from a new debate).
- [The Convergence of Crypto and AI: Four Key Intersections](https://multicoin.capital/2023/06/02/the-convergence-of-crypto-and-ai-four-key-intersections/index.md): The worlds of cryptocurrency and artificial intelligence (AI) have been evolving in parallel, with each domain pushing the boundaries of technology and innovation. As we continue to make strides in both fields, it is becoming increasingly clear that their futures are inextricably linked. In this post, we will explore four important intersections at the crossroads of crypto and AI.
- [From UGC to UGP: Consumer Brands & Co-Creation](https://multicoin.capital/2023/05/11/from-ugc-to-ugp-consumer-brands-and-co-creation/index.md): Many have argued how co-creation will ultimately lead to the democratization of the creator class, re-imagine fandom, and turn fans into creators; however, this discussion stops short of the implications of co-creation on brands, which could be larger than the impact on co-creators themselves. In the past, brands created products and, more generally, culture, and proliferated this top-down via centralized, top-down media (Toby Shorin).
- [Web3-Native SQL](https://multicoin.capital/2023/04/20/web3-native-sql/index.md): In the first wave of crypto innovation after Bitcoin, many developers forked the Bitcoin codebase to try to build other decentralized infrastructure and applications beyond digital gold. Some of the earliest forks included attempts at building decentralized databases that could be used for general purpose application development. In the wave of crypto innovation that followed Ethereum’s launch, teams began building BFT database engines.
- [Multiplayer Mode](https://multicoin.capital/2023/04/06/multiplayer-mode/index.md): Today, we are proud to announce our investment in Lore, the first co-ownership platform for web3 collectives. We led a $4M round alongside North Island Ventures, Seed Club Ventures, Balaji Srinivasan, Zeneca, Mischief Ventures, Sfermion, CMT Digital, Patricio Worthalter, Spice Capital, Sublime Ventures, and others.
- [Our Investment in Seed Club Ventures, a Venture DAO](https://multicoin.capital/2023/03/21/our-investment-in-seed-club-ventures-a-venture-dao/index.md): Today, we are proud to announce our investment in Seed Club Ventures (SCV), a $25M venture DAO that invests in internet-native organizations, alongside Delphi Digital, Dragonfly Capital, Collab+Currency, SV Angel, Distributed Global, and others. SCV will be exclusively focused on early stage teams building communities, infrastructure and applications that leverage Web3 primitives to accelerate financial and human capital coordination to achieve their missions.
- [New Investment Partners at Multicoin](https://multicoin.capital/2023/03/09/new-investment-partners-at-multicoin/index.md): Today I’d like to announce that two of our longest standing members of our investment team, Spencer Applebaum (LinkedIn, Twitter) and Shayon Sengupta (LinkedIn, Twitter), have been promoted to Investment Partner. Both of them have done great work in finding lucrative trades in public markets, and in sourcing and winning competitive deals in private markets. But most importantly, both have also worked closely with many of our founders over the past several years to help them succeed.
- [Onboarding The Next Billion Users To Crypto Rails ](https://multicoin.capital/2023/02/21/onboarding-the-next-billion-users-to-crypto-rails/index.md): Today, we’re announcing we co-led TipLink’s $6M seed round with Sequoia. Our colleagues from Circle Ventures, Solana Ventures, Paxos, Asymmetric, Big Brain Ventures, Karatage and Monke Ventures also participated in the round. Nick Grossman wrote a thesis we’re fond of called The Butter Thesis which he defines as interactions and experiences that are super smooth—rich, easy, delicious.
- [Full Stack, Decentralized Security](https://multicoin.capital/2023/01/31/full-stack-decentralized-security/index.md): The design space of cyber security is vast. There are an infinite number of attack vectors across chips and instruction sets, operating systems, runtimes, and applications. And naturally, there are many large cybersecurity companies. When I first got into Ethereum in 2016, the only real cybersecurity companies were smart contract auditors. Human audits have been and always will be paramount. However, human audits are not enough.
- [The Web3 Growth Stack](https://multicoin.capital/2023/01/11/the-web3-growth-stack/index.md): We’ve become increasingly interested in a category of innovation that we’re internally calling the Web3 Growth Stack—i.e., the tools that product managers and marketers use to acquire, engage and retain customers using Web3 technologies. In Web2, the growth stack consists of a plethora of tools, platforms, and analytics systems designed to help product and marketing leaders augment growth.
- [Unlocking Payments Over Crypto Rails](https://multicoin.capital/2022/12/08/unlocking-payments-over-crypto-rails/index.md): Since the advent of Bitcoin, people have been talking about the inevitability of crypto-based payments. And yet, 13 years since the launch of Bitcoin, payments over crypto rails have not yet entered mainstream consciousness. Why have crypto payments struggled? And why is that changing now?
- [Watch Videos From The 2022 Multicoin Summit ](https://multicoin.capital/2022/12/06/watch-videos-from-the-2022-multicoin-summit/index.md): This year we celebrated our fifth anniversary as a firm. Over that time, we’ve watched carefully as the industry has evolved and built step-function improvements to scaling, indexing, data modeling, wallets, and more. Core infrastructure has occupied the minds of builders for years; however, that’s now starting to change. New consumer applications—like games, social media, creator platforms, consumer loyalty, and more—are starting to appear.
- [Value Flows in the MEV Ecosystem](https://multicoin.capital/2022/10/31/value-flows-in-the-mev-ecosystem/index.md): Miner Extractable Value (MEV) is fundamental to permissionless distributed systems and cannot be eliminated. The market structure for MEV is dynamic and complex, but the actors that profit from them in proof-of-work (PoW) networks—such as Ethereum 1.0—have exclusively been miners and searchers.
- [Mercury: Reimagining the Collegiate Fan Experience](https://multicoin.capital/2022/10/20/mercury-reimagining-the-collegiate-fan-experience/index.md): Today I’m excited to announce that Multicoin Capital has led a $7.5M seed investment in Mercury with participation from North Island Ventures, Crosslink Capital, Brevan Howard Digital, and several others. The convergence of sports and crypto is one of the most exciting, fast-growing areas of the market with strong, early successes in companies like Sorare and NBA Top Shot. Both have onboarded countless new users into crypto.
- [Announcing Venture Fund III ](https://multicoin.capital/2022/07/12/announcing-venture-fund-iii/index.md): Today we are excited to announce our latest venture fund, Venture Fund III, a $430M fund that invests $500K-$25M in early-stage opportunities all the way up to $100M+ for later-stage projects when combined with our evergreen liquid fund.
- [Beyond Verticalization of NFT Marketplaces](https://multicoin.capital/2022/06/22/beyond-verticalization-of-nft-marketplaces/index.md): Why is the UX of OpenSea and Magic Eden generally the same (discovery on homepage, basic set of linear filters on the left side of collection pages, same search presentation, etc.)? Or, framed another way, why doesn’t the front page of OpenSea or Magic Eden have an activity feed (like Fractal or Hawku), or a livestream (like Twitch), or the results of a recent game tournament that heavily leverages NFTs?