Multicoin Capital | Activity

New Fund

Multicoin Capital filed a Form D for Multicoin Venture Fund IV-A US, LP, one of two parallel U.S. feeder vehicles for its fourth venture fund. The fund invests in early-stage blockchain and crypto-native companies alongside token positions. This follows their $422M Venture Fund III raised in January 2022.

Multicoin Capital

Multicoin CapitalMulticoin Capital

dakota.comSEP 2026

SEP 2026

Essay

Published a full analysis and valuation of Hyperliquid (HYPE). Multicoin initiated a large HYPE position early in 2026; HYPE is one of the largest positions in their liquid fund. The report covers Hyperliquid's ~$873M in 2025 revenue, ~$2.9T in volume, DeFi perp market dominance, and expansion into RWAs, prediction markets, and options.

Hyperliquid

Hyperliquid Multicoin Capital

multicoin.capitalJUN 25, 2026

JUN 25, 2026

Investment

Co-led Fun's $72M Series A for global payments infrastructure.

Fun

Fun Multicoin Capital

fun.xyzMAY 1, 2026 businesswire.com

MAY 1, 2026

Investment

Led Exponent Finance's $5M seed round for Solana yield infrastructure.

Exponent Finance

Exponent Finance Multicoin Capital

theblock.coAPR 30, 2026

APR 30, 2026

News

Spencer Applebaum presented updated Crypto Mega Thesis 2.0 at Blockworks' DAS New York 2026 conference.

Multicoin's Crypto Mega Thesis 2.0 presentation at DAS NYC 2026

Multicoin Capital

youtube.comMAR 26, 2026

MAR 26, 2026

Team Change

Spencer Applebaum and Shayon Sengupta promoted from Investment Partner to General Partner and Co-Heads of Venture at Multicoin Capital. Both have been instrumental in key investments including Dune, Drift, Fuse, fun.xyz, Geodnet, Helium, Hyperliquid, Jito, Kamino, LI.FI, Render, Sei, and Solana.

Multicoin Capital

Multicoin CapitalMulticoin Capital

multicoin.capitalMAR 24, 2026

MAR 24, 2026

Essay

Essay arguing that Real-World Assets (RWAs) tokenized onchain represent a major expansion of DeFi beyond crypto-native assets, covering stablecoins, credit markets, and institutional adoption of blockchain-based financial infrastructure.

Multicoin Capital

Multicoin CapitalMulticoin Capital

multicoin.capitalMAR 19, 2026 multicoin.capital

MAR 19, 2026

Essay

Essay on real-world assets and the evolution of DeFi from self-referential crypto markets to onchain RWAs.

RWAs Are Just Built Different

Multicoin Capital

multicoin.capitalMAR 19, 2026

MAR 19, 2026

Essay

Essay on two paths to crypto adoption: buy-in vs. earn-in, arguing the majority will shift to earning crypto for work.

Internet Labor Markets

Multicoin Capital

multicoin.capitalMAR 10, 2026

MAR 10, 2026

Essay

Published updated investment thesis outlining 10 core investment segments: Execution Layer (L1s), Stablecoins, DeFi, RWAs, Payments, DePIN, Applications, FHE/ZK, MEV, and AI/ML. Represents the firm's refined views on crypto investment for the next cycle.

Multicoin Capital

Multicoin CapitalMulticoin Capital

multicoin.capitalFEB 6, 2026

FEB 6, 2026

Essay

Published comprehensive 30-minute investment thesis essay covering eight core themes including fintech, DeFi, financial globalization, and cryptographic primitives.

Multicoin Capital's Investment Thesis

Multicoin Capital

multicoin.capitalFEB 6, 2026

FEB 6, 2026

Team Change

Kyle Samani stepped down as co-founder and managing director to focus on AI, longevity, and robotics while maintaining some crypto involvement.

Kyle Samani stepped down as Managing Partner

Multicoin Capital

multicoin.capitalFEB 5, 2026

FEB 5, 2026

Investment

Led $29M Series A extension round for cross-chain liquidity infrastructure.

LI.FI

LI.FI Multicoin Capital

li.fiDEC 11, 2025

DEC 11, 2025

Investment

Invested in ENA token for Ethena Protocol, the leading synthetic dollar issuer.

Ethena

Ethena Multicoin Capital

multicoin.capitalNOV 13, 2025

NOV 13, 2025

Multicoin Capital Activity

Co-led Fun's $72M Series A for global payments infrastructure.

Led Exponent Finance's $5M seed round for Solana yield infrastructure.

Spencer Applebaum presented updated Crypto Mega Thesis 2.0 at Blockworks' DAS New York 2026 conference.

Spencer Applebaum and Shayon Sengupta promoted from Investment Partner to General Partner and Co-Heads of Venture at Multicoin Capital. Both have been instrumental in key investments including Dune, Drift, Fuse, fun.xyz, Geodnet, Helium, Hyperliquid, Jito, Kamino, LI.FI, Render, Sei, and Solana.

Essay arguing that Real-World Assets (RWAs) tokenized onchain represent a major expansion of DeFi beyond crypto-native assets, covering stablecoins, credit markets, and institutional adoption of blockchain-based financial infrastructure.

Essay on real-world assets and the evolution of DeFi from self-referential crypto markets to onchain RWAs.

Essay on two paths to crypto adoption: buy-in vs. earn-in, arguing the majority will shift to earning crypto for work.

Published updated investment thesis outlining 10 core investment segments: Execution Layer (L1s), Stablecoins, DeFi, RWAs, Payments, DePIN, Applications, FHE/ZK, MEV, and AI/ML. Represents the firm's refined views on crypto investment for the next cycle.

Published comprehensive 30-minute investment thesis essay covering eight core themes including fintech, DeFi, financial globalization, and cryptographic primitives.

Kyle Samani stepped down as co-founder and managing director to focus on AI, longevity, and robotics while maintaining some crypto involvement.

Led $29M Series A extension round for cross-chain liquidity infrastructure.

Invested in ENA token for Ethena Protocol, the leading synthetic dollar issuer.