# Multicoin Capital: portfolio, investments and team

> Multicoin Capital is a vc firm based in United States. 130 investments on record, 16 in the last 12 months, latest Oct 2026.

Source: https://millionrounds.com/fund/multicoin-capital (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Multicoin Capital

Last cheque observed Oct 2026; 130 cheques on record.

Email

Deploying now New fund $641M, Aug 2026 VC firm

Pre-seed Seed Series A Crypto Cryptocurrency

Follow Multicoin Capital and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fmulticoin-capital)

Deploying now

**80%** of best year **16** **cheques in 12 months**, 130 on record

Since the last cheque **3** days **00** hrs **00** min **00** sec

Median round **$7.5M** Cheque size, as they say **$100K – $500M** Rounds led **11 of 130** Sole investor **7 rounds** Mostly in **United States, 66%**

Pitch Multicoin Capital

## Multicoin Capital highlights

- 01 16 cheques in the last 12 months
- 02 Mostly Seed and Series A: 73% of its rounds
- 03 Sole investor in 7 rounds, median $3.0M

## What they do

> 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. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $100K – $500M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth
- **Sectors:** Crypto Cryptocurrency
- **Based in:** Austin, United States
- **Cold pitches:** Not accepted

## The record

Every round we can evidence, newest first **130 appearances**

- **2026** 13 rounds
- **Oct** **[Birch Hill](https://millionrounds.com/company/birch-hill)** Seed · US · Pulse 2.0 **$4.0M** *Led*
- **Aug** **[De¹](https://millionrounds.com/company/de1)** Venture · SG **Undisclosed** With 1 other
- **Jul** **[Trasia Labs](https://millionrounds.com/company/trasia-labs)** Seed · SG **$1.8M** Sole investor
- **Jun** **[El Dorado](https://millionrounds.com/company/el-dorado)** Series A · CO · LatamList **$9.0M** With 7 others
- **May** **[Fun](https://millionrounds.com/company/fun)** Series A · US · AlleyWatch **$72M** *Led*
- **May** **[Zcash](https://millionrounds.com/company/zcash)** Venture · US **Undisclosed** With 3 others
- **May** **[The College Sports Company](https://millionrounds.com/company/the-college-sports-company)** US **$350K** With 4 others
- **Apr** **[HYFIX Spatial Intelligence](https://millionrounds.com/company/hyfix-spatial-intelligence)** Seed · US **$15M** With 1 other
- **Apr** **[Drift](https://millionrounds.com/company/drift)** Debt · AU **$100M** With 3 others
- **Apr** **[Mezo](https://millionrounds.com/company/mezo)** Venture · US **$19M** With 3 others
- **Mar** **[P2P me](https://millionrounds.com/company/p2p-me)** Token sale · PA **$5.2M** With 1 other
- **Feb** **[RentAHuman.ai](https://millionrounds.com/company/rentahuman-ai)** Venture · CA **Undisclosed** With 1 other
- **Jan** **[Squads](https://millionrounds.com/company/squads)** Venture **$46M** With 4 others
- **2025** 19 rounds
- **Dec** **[LI.FI](https://millionrounds.com/company/li-fi)** Series A · DE · Ventureburn **$29M** *Led*
- **Dec** **[Fin](https://millionrounds.com/company/fin)** Series A · US **$17M** With 3 others
- **Nov** **[io.net](https://millionrounds.com/company/io-net)** Series A · US **$400K** With 4 others
- **Oct** **[Forward Industries](https://millionrounds.com/company/forward-industries)** US · Ventureburn **$1.6B** With 2 others
- **Oct** **[CrunchDAO](https://millionrounds.com/company/crunchdao)** Seed · Ventureburn **$5.0M** With 5 others
- **Oct** **[Crunch Lab](https://millionrounds.com/company/crunch-lab)** TechStartups **$5.0M** With 3 others
- **Oct** **[Fhenix](https://millionrounds.com/company/fhenix)** Venture **Undisclosed** With 3 others
- **Oct** **[Inference](https://millionrounds.com/company/inference)** Seed · US **$12M** Sole investor
- **Jun** **[Kalshi](https://millionrounds.com/company/kalshi)** Series C · US · TechCrunch **$185M** With 5 others
- **Jun** **[Yield.xyz](https://millionrounds.com/company/yield-xyz)** Seed · US **$5.0M** Sole investor
- **Jun** **[Hivemapper](https://millionrounds.com/company/hivemapper)** Venture · US **Undisclosed** With 5 others
- **Apr** **[Arch Labs](https://millionrounds.com/company/arch-labs)** Series A · US · TechStartups **$13M** With 6 others
- **Apr** **[P2P me](https://millionrounds.com/company/p2p-me)** Seed · PA **$2.0M** With 1 other
- **Mar** **[FastLane](https://millionrounds.com/company/fastlane)** Venture · US **$6.0M** With 2 others
- **Mar** **[Recall Labs](https://millionrounds.com/company/recall-labs)** Series A · US **$30M** With 5 others
- **Mar** **[Across Protocol](https://millionrounds.com/company/across-protocol)** Token sale · US **$41M** With 4 others
- **Feb** **[GEODNET](https://millionrounds.com/company/geodnet)** Token sale · US **$8.0M** With 4 others
- **Feb** **[FanTV AI](https://millionrounds.com/company/fantv-ai)** Series A **$3.0M** Sole investor
- **Jan** **[Solana](https://millionrounds.com/company/solana)** Growth · US **$10M** With 5 others
- **2024** 14 rounds
- **Dec** **[The College Sports Company](https://millionrounds.com/company/the-college-sports-company)** Venture · US **$5.0M** With 2 others
- **Sept** **[Gradient Network](https://millionrounds.com/company/gradient-network)** Seed · SG **$10M** With 2 others
- **Sept** **[Permissionless Labs](https://millionrounds.com/company/permissionless-labs)** Series A · US **$10M** With 2 others
- **Aug** **[zkMe](https://millionrounds.com/company/zkme)** Seed · HK **$4.0M** With 3 others
- **Jul** **[Mezo](https://millionrounds.com/company/mezo)** Series A · US **$7.5M** With 3 others
- **Jun** **[Enso Finance](https://millionrounds.com/company/enso-finance)** Seed · CH **$4.2M** With 3 others
- **Jun** **[Mountain Protocol](https://millionrounds.com/company/mountain-protocol)** Series A · US **$8.0M** With 4 others
- **May** **[El Dorado](https://millionrounds.com/company/el-dorado)** Seed · CO **$3.0M** With 6 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **5 named**

BJ **Brian James Smith** CFO, COO, and Member - Multicoin Capital Management, LLC i Form ADV

DA **Daniel Alejandro Leonardo** Chief Compliance Officer and Deputy General Counsel i Form ADV

GE **Greg Elias Xethalis** General Counsel and Member - Multicoin Capital Management, LLC i Form ADV

PA **Pyahm Ahra Samani** Managing Partner and Member - Multicoin Capital Management, LLC i Form ADV

TJ **Tushar Jain** Managing Partner and Member - Multicoin Capital Management, LLC i Form ADV

We also hold **16** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$2.7B** assets it manages Oct 2026

**3+** funds on file numbered funds in its name

**Registered** investment adviser full reporting to the SEC

- **Legal name:** Multicoin Capital Management, LLC
- **SEC number:** CRD 297302

Funds on its Form ADV

**11** private funds, **$4.3B** in gross assets · filed May 2024

Private equity **6** Venture **4** Hedge **1**

- Multicoin Capital Master Fund, L.P. *Hedge* 611 investors $2.2B
- Multicoin Venture Fund II, L.P. *Private equity* 198 investors $764M
- Multicoin Venture Fund III, L.P. *Private equity* 445 investors $631M
- Multicoin Private Fund V, L.P. *Private equity* 9 investors $525M
- Multicoin Opportunities Fund I, L.P. *Private equity* 50 investors $96M
- Multicoin Private Fund II, L.P. *Venture* 14 investors $55M
- Multicoin Private Fund I, L.P. *Venture* 7 investors $48M
- Multicoin Private Fund II (Offshore), L.P. *Venture* 9 investors $11M
- Multicoin Private Fund III (Offshore), L.P. *Private equity* 26 investors $201K
- Multicoin HNT I, L.P. *Private equity* 2 investors $66K

And 1 more on the filing.

New fund on file

**$641M**

raised in Aug 2026

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Pre-seed Seed Series A

Median round joined **$7.5M** the round, not its cheque Alone, median **$3.0M**

Led 11 of 130 rounds **8%**

- **Said size:** $100K – $500M
- **Sole investor:** 7 rounds
- **Last cheque:** Oct 2026

Rounds by stage said on their site

- Seed said *51*
- Series A said *32*
- Venture *22*
- Token sale *5*
- Series B said *4*
- Pre-seed said *-*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Coinbase Ventures](https://millionrounds.com/fund/coinbase) 19
- [Solana Ventures](https://millionrounds.com/fund/solana-ventures) 13
- [ParaFi Capital](https://millionrounds.com/fund/parafi) 10
- [Y Combinator](https://millionrounds.com/fund/y-combinator) 10
- [GSR](https://millionrounds.com/fund/gsr) 8
- [6th Man Ventures](https://millionrounds.com/fund/6mv) 7

**Pitching Multicoin Capital?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Multicoin Capital. A count of rooms they were both in, not a relationship either has claimed.

[**Coinbase Ventures** Corporate VC **19** rounds together](https://millionrounds.com/fund/coinbase)[**Solana Ventures** VC firm **13** rounds together](https://millionrounds.com/fund/solana-ventures)[**ParaFi Capital** VC firm **10** rounds together](https://millionrounds.com/fund/parafi)[**Y Combinator** Accelerator **10** rounds together](https://millionrounds.com/fund/y-combinator)[**GSR** VC firm **8** rounds together](https://millionrounds.com/fund/gsr)[**6th Man Ventures** VC firm **7** rounds together](https://millionrounds.com/fund/6mv)[**Animoca Brands** Accelerator **7** rounds together](https://millionrounds.com/fund/animoca-brands)[**Pantera Capital** VC firm **7** rounds together](https://millionrounds.com/fund/pantera-capital)[**YZi Labs** VC firm **7** rounds together](https://millionrounds.com/fund/yzi-labs)[**Polychain** VC firm **6** rounds together](https://millionrounds.com/fund/polychain)[**Sequoia Capital** VC firm **6** rounds together](https://millionrounds.com/fund/sequoia-capital)[**Alameda Research** Private equity **5** rounds together](https://millionrounds.com/fund/alameda-research)

## Recently backed

The latest companies Multicoin Capital put money into.

[**Trasia Labs** $1.8M · Jul 2026](https://millionrounds.com/company/trasia-labs)[**Fun** $72M · May 2026](https://millionrounds.com/company/fun)[**Zcash** May 2026](https://millionrounds.com/company/zcash)[**The College Sports Company** $350K · May 2026](https://millionrounds.com/company/the-college-sports-company)[**Drift** $100M · Apr 2026](https://millionrounds.com/company/drift)[**Mezo** $19M · Apr 2026](https://millionrounds.com/company/mezo)

## On podcasts

4 episodes naming Multicoin Capital in the title, and 4 more that mention it.

- [All-In](https://millionrounds.com/podcasts/all-in) 1 Oct 2025 · 14 min Multicoin Capital's Kyle Samani on Internet Capital Markets With [Kyle Samani](https://millionrounds.com/person/kyle-samani) Mentions [Multicoin Capital](https://millionrounds.com/fund/multicoin-capital) Apple PodcastsShow page
- [The Logan Bartlett Show](https://millionrounds.com/podcasts/logan-bartlett-show) 12 Aug 2022 · 1h 41m EP 29: Multicoin Capital’s Kyle Samani Joins the Crypto Debate and Chat Helium, Also Amazon-One Medical and Productivity at Big Tech With [Kyle Samani](https://millionrounds.com/person/kyle-samani) Mentions [Multicoin Capital](https://millionrounds.com/fund/multicoin-capital) Apple Podcasts
- [Capital Allocators](https://millionrounds.com/podcasts/capital-allocators) 18 Nov 2021 · 1h 9m Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) With [Kyle Samani](https://millionrounds.com/person/kyle-samani)[Tushar Jain](https://millionrounds.com/person/tushar-jain) Mentions [Multicoin Capital](https://millionrounds.com/fund/multicoin-capital)[Google](https://millionrounds.com/fund/google-assistant-investments)[Adam Blitz](https://millionrounds.com/person/adam-blitz) Apple PodcastsShow page
- [This Week in Startups](https://millionrounds.com/podcasts/this-week-in-startups) 2 Nov 2021 · 1h 15m Bytedance bans 996 + Multicoin Capital's Kyle Samani: The 100x fund | E1317 With [Kyle Samani](https://millionrounds.com/person/kyle-samani) Mentions [Multicoin Capital](https://millionrounds.com/fund/multicoin-capital) Apple PodcastsShow page

### Mentioned in

- [All-In](https://millionrounds.com/podcasts/all-in) 12 Jun 2026 · 1h 8m All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top Trades Live Apple PodcastsShow page
- [Origins: Inside Venture Capital](https://millionrounds.com/podcasts/origins-openlp) 18 Nov 2025 · 10 min Minisode: What Early Stage Venture Can Learn from Crypto Traders Apple PodcastsShow page
- [Origins: Inside Venture Capital](https://millionrounds.com/podcasts/origins-openlp) 12 Nov 2025 · 44 min Internet Capital Markets with Kyle Samani Apple PodcastsShow page
- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 8 Jan 2024 · 51 min 20VC Crypto Roundtable: How Will US Elections Impact Crypto? Why Will Trump Lean Into Crypto in 2024? Should FTX Investors Have Known About SBF? Will Opensea Ever Be Worth $13BN Again? Will NFTs Come Back with Kyle Samani and Nick Tomaino Apple PodcastsShow page

## Quick answers about Multicoin Capital

### What does Multicoin Capital invest in?

Multicoin Capital invests most often at Seed and Series A (73% of the rounds on record), in sectors such as Crypto and Cryptocurrency.

### How active is Multicoin Capital?

130 investments on record, 16 of them in the last 12 months, and it led 11. The most recent was in Oct 2026.

### What has Multicoin Capital invested in recently?

Its most recent investments on record: Birch Hill (Seed, Oct 2026), De¹ (Venture, Aug 2026) and Trasia Labs (Seed, Jul 2026).

### How big are Multicoin Capital's cheques?

The median round it joins is $7.5M. It says it writes cheques of $100K to $500M.

### Does Multicoin Capital lead rounds?

Sometimes: it led 11 of its 130 investments on record (8%).

### Where does Multicoin Capital invest?

Most of the companies it backs are in the United States (66%), Singapore (9%) and Colombia (6%).

### Is Multicoin Capital investing now?

Yes: it is actively investing, with 16 investments in the last 12 months.

### Who does Multicoin Capital invest alongside?

Most often Coinbase Ventures (19 rounds together), Solana Ventures (13 rounds together) and ParaFi Capital (10 rounds together).

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