Multicoin Capital
Austin-based, thesis-driven crypto investor backing tokens, protocols, and companies — known for early Solana ecosystem conviction and public research theses.
Typical check size
$1M-$10M (stage-based estimate)
Founded
2017
Headquarters
Austin, TX
AUM
N/A
Rounds they lead
Seed
Series A
Rounds they invest
Seed
Series A
Portfolio companies we track
Startups in our directory that list Multicoin Capital as an investor (17 total).
- Aptos High-throughput layer-1 blockchain built on the Move programming language.
- Arweave Permanent decentralized data storage protocol — pay once, store forever on the permaweb.
- Avalanche Ava Labs layer-1 blockchain (Avalanche) for high-throughput smart contracts and subnets.
- Blackbird Restaurant loyalty and payments network with web3 rails (Blackbird Labs).
- Blackbird.xyz Alias for Blackbird Labs — restaurant loyalty and payments network.
- DeSO Layer-1 blockchain for decentralized social apps (ex-BitClout).
- Dfinity Internet Computer (ICP) — decentralized blockchain hosting web-speed smart contracts and apps.
- dYdX Decentralized perpetuals exchange on dYdX Chain appchain.
- Harbor Blockchain compliance platform for tokenizing private securities (R-Token); acquired by BitGo in 2020.
- Jito Solana liquid staking and MEV infrastructure — JitoSOL and block engine.
- Keep Network Decentralized tBTC bridge — merged with NuCypher to form Threshold Network.
- Merkle Manufactory, Inc. Developer of Farcaster, a decentralized social protocol with onchain identities and client apps.
- Morpho Decentralized lending protocol and open credit network for onchain markets.
- Morpho Labs Research and development company behind the Morpho decentralized lending protocol.
- NEAR Layer-1 blockchain for scalable dApps with sharded proof-of-stake.
- Solana High-throughput L1 blockchain for consumer crypto, DeFi, and memecoins.
- Story Protocol L1 blockchain for registering, licensing, and monetizing intellectual property onchain.
Related investment articles
FAQs about Multicoin Capital
Stage fit, check size, thesis, and how founders typically approach this firm — based on public sources and our directory.
Multicoin leads seed and Series A equity/token rounds in our directory. The firm operates both a venture fund series and a liquid-token hedge fund, so stage and instrument vary by conviction.
Multicoin's venture fund has publicly cited a $1M–$50M target range per company (Fund III was $422M, raised January 2022). Smaller early positions exist, but founders should expect meaningful checks only when aligned with a published thesis — not a fixed seed ticket.
Multicoin is based in Austin, Texas, and invests globally across crypto — portfolio activity spans the US, Singapore, UK, and other jurisdictions where regulatory and token structure allow.
Multicoin is thesis-driven on crypto infrastructure: L1/L2 execution, DeFi, stablecoins, DePIN, payments, ZK/FHE, and AI×crypto. The firm publishes long-form theses and is closely associated with early Solana, Helium, and The Graph bets.
Multicoin often leads or sets terms on high-conviction protocol and company bets — its Solana investment is the canonical example — and uses the hedge fund to support liquid positions in the same themes.
Linked startups include Solana (/startup/solana), Arweave (/startup/arweave), Jito (/startup/jito), Story Protocol (/startup/story-protocol), Morpho Labs (/startup/morpho-labs), NEAR (/startup/near), and Harbor (/startup/harbor).
Read multicoin.capital research and engage where your thesis intersects publicly stated views (Kyle Samani and Tushar Jain are active writers). Founders building contrarian protocol bets often get inbound interest after publishing; there is no advertised application form.
We do not yet have a dedicated Multicoin fund article. Related context appears in crypto startup profiles such as Solana and Story Protocol that list Multicoin among investors.