Who We Are
Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain-based companies reshaping trillion-dollar markets. We operate a hedge fund and multiple venture funds, investing across both public and private markets.
Since our founding in May 2017, we have been recognized for our forward-thinking, independent approach. We are known for pioneering token economic models, developing new valuation frameworks, and challenging long-held assumptions within the crypto ecosystem.
Cryptocurrency is the first asset class that is inherently global, encompassing activities and participants from every corner of the world.
We are a crypto-native fund, meaning we actively use, engage with, and participate in the networks we invest in. Our team possesses deep knowledge of the crypto technology landscape and market structure. We are hands-on investors committed to doing everything we can to ensure the success of our portfolio companies.
Today, we manage long-term capital on behalf of prominent venture capital funds, family offices, institutions, and high-net-worth individuals.
Our Guiding Philosophy
Our investment process is rooted in rigorous research and the development of strong, evidence-based theses about the future of digital assets and decentralized technologies. We believe that blockchain technology enables new economic paradigms and business models that were previously impossible.
Our focus extends beyond capital allocation. We provide strategic support to our portfolio companies, helping them navigate token design, go-to-market strategies, and the complex regulatory landscape. This hands-on approach allows us to add significant value beyond our financial investment.
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Meet Our Leadership Team
The blockchain space is evolving at an incredible pace. Our team members come from diverse backgrounds, giving us a competitive advantage in staying ahead of the curve.
Kyle Samani
Managing Partner
Kyle is responsible for authoring technical theses and leading due diligence efforts. As the more externally-facing partner, he manages relationships with entrepreneurs and fellow investors. His writing and systems-level analysis are widely recognized throughout the crypto ecosystem.
Prior to Multicoin, Kyle founded Pristine, a health IT startup that raised over $5 million in venture funding before being acquired by Upskill. Kyle holds degrees in Finance and Management from New York University.
Tushar Jain
Managing Partner
Tushar leads our portfolio construction, risk management, and team management. He is passionate about the new economic paradigms enabled by blockchain technology, with a focus on decentralized finance (DeFi) products, tokenomics, and blockchain go-to-market strategies.
Tushar previously founded ePatientFinder, a health IT technology startup that raised over $10 million in venture capital before being acquired by Elligo Health Research. Tushar holds degrees in Finance and Political Science from New York University.
Brian Smith
Partner, Chief Financial Officer & Chief Operating Officer
Brian leads the firm's finance and operations. He specializes in deal structuring, due diligence, and legal and financial processes. He brings over 18 years of experience in public and private equity investing, investment banking, and corporate finance.
His previous roles include serving as a public equity analyst at Tiger Management, a private equity investor at Fox Paine & Co., an investment banker at Greenhill & Co., and co-leading the finance team at Bazaarvoice (BV) through its initial public offering.
Matt Shapiro
Partner, Head of Investor Relations
Matt leads investor relations and manages relationships with our partners. He also specializes in structured investments. Matt brings 15 years of investment banking experience, having structured nine- and ten-figure financings, spin-offs, mergers, and acquisitions.
John Robert Reed
Partner, Head of Communications
John Robert leads the firm's communications and marketing efforts and works closely with portfolio companies. He is skilled in early-stage technology commercialization and has over 15 years of experience in public relations.
Greg Xethalis
General Counsel
Greg Xethalis is the General Counsel of Multicoin Capital Management LLC. Greg joined Multicoin in July 2021 and oversees all of the firm's legal and policy functions, while also collaborating with our portfolio companies on legal and policy strategy.
Prior to Multicoin, Greg was a partner in the Investment Management and Fintech practices at Chapman and Cutler LLP. He has 11 years of experience advising clients on digital asset matters, primarily asset managers, CeFi institutions, and stable value tokens. Greg also represented traditional equity, debt, and commodity asset managers, with a particular focus on newly registered products. He is a member of the Fordham Law School Alumni Board and a Senior Lecturer at Duke University School of Law, where he teaches Fintech and Blockchain Law and Policy.
Daniel Leonardo
Chief Compliance Officer & Deputy General Counsel
Daniel Leonardo is the Chief Compliance Officer and Deputy General Counsel at Multicoin Capital. Before joining Multicoin, Leonardo was an attorney in the Division of Examinations at the U.S. Securities and Exchange Commission (SEC). During his six and a half years at the SEC, he served as a Senior Counsel in the Private Funds Unit and previously as a Senior Counsel in the Investment Adviser/Investment Company examination program.
Prior to the SEC, Leonardo worked at ACA Compliance Group, providing consulting services to registered investment advisers, including private funds. His legal experience also includes eight years in complex commercial litigation in state and federal courts.
Spencer Applebaum
Investment Partner
Spencer Applebaum is an Investment Partner at Multicoin Capital. Previously, Applebaum worked at Bitspark, the world's first blockchain remittance platform using Bitcoin to send money overseas. There, he assisted in the development of Zephyr, a pegged cryptocurrency solution on the BitShares DEX. He later worked in the multi-state tax department at Deloitte, a leading firm in audit, consulting, and tax advisory.
Shayon Sengupta
Investment Partner
Shayon Sengupta is an Investment Partner at Multicoin Capital. He previously worked as a Product Manager at Abodewell, a quantitative market maker in residential real estate. At Abodewell, he led operations and development for their proprietary IoT security system and held a senior role in growth operations and risk management for the company's inventory. Shayon joined Abodewell after working on the strategy and business development team at SAP.
Vishal Kankani
Investment Team Lead
Vishal Kankani is a lead on the investment team at Multicoin Capital. He joined from Deutsche Bank, where, as a Vice President, he structured, priced, and sold complex derivative and quantitative investment strategies to institutional clients including asset managers, insurance companies, pension funds, and family offices. He joined Deutsche Bank from a proprietary trading firm where he traded Eurodollar futures.
Frequently Asked Questions
What is a thesis-driven investment strategy?
A thesis-driven strategy means all our investments are based on comprehensive, forward-looking research hypotheses about how specific technologies or market dynamics will evolve. We develop a core belief about the future and then seek investments that align with and will benefit from that predicted outcome, rather than reacting to short-term market trends.
What types of assets does Multicoin Capital invest in?
We invest across the entire crypto asset spectrum. This includes liquid cryptocurrencies and tokens in public markets, as well as early-stage equity and token investments in private blockchain companies and protocols. Our dual-strategy approach allows us to capture value at different stages of a project's lifecycle.
How does the firm add value to its portfolio companies?
Beyond capital, we provide active, hands-on support. Our value-add includes strategic advice on token economics and governance, technical guidance, connections to our extensive network of partners and developers, and assistance with business development and exchange listings. We operate as true partners to the projects we back.
Who are the typical investors in Multicoin Capital's funds?
Our investor base is composed of sophisticated, long-term-oriented capital. This includes venture capital funds, university endowments, family offices, foundations, institutions, and high-net-worth individuals who have a firm understanding of and conviction in the digital asset space.
What makes Multicoin Capital different from other crypto funds?
Our differentiation stems from three core pillars: our deep, research-first thesis development process; our crypto-native, active participation in the networks we invest in; and our experienced team with diverse backgrounds in technology, finance, law, and entrepreneurship. We are builders and participants, not just allocators.
How does the firm approach risk management in such a volatile asset class?
We employ a rigorous risk management framework that includes position sizing based on conviction levels, continuous portfolio stress-testing against our core theses, and a disciplined approach to both entry and exit strategies. Our focus on long-term, thesis-driven investing helps us navigate short-term volatility.