Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies.
据 Decrypt 报道,由高盛和贝莱德前员工创立的纽约初创公司 Birch Hill 已完成 400 万美元种子轮融资,由 Multicoin Capital 领投,ParaFi Capital、Castle Island Ventures 和 Nascent 参投,公司累计融资额达 650 万美元。Birch Hill 计划在美国监管框架下,将美国公寓、农场和能源贷款上链,其 Enterprise 部门已向 FINRA 申请经纪自营商会员资格。
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Odaily Report: Spencer Applebaum, General Partner and Co-Head of Venture Investments at Multicoin Capital, said that Multicoin Capital manages $2.7 billion in assets, will not follow institutions such as Paradigm in expanding its investment scope into AI and robotics, and will continue to focus on the digital asset sector. Regarding the "crypto + AI" concept, Applebaum said that some investors are looking for problems at the intersection of crypto and AI that do not actually exist. In response to the slowdown in capital deployment, he said that in 2023, most seed-round projects had post-money valuations of about $30 million and raised about $3 million, and that using a $422 million fund to invest in such rounds requires more time. In addition, the largest position of Multicoin Capital's hedge fund is the Hyperliquid-related token HYPE, all of which was purchased through the public market; the firm typically holds publicly traded assets for several years.
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Paradigm
Kyle Samani, co-founder of Multicoin Capital, has announced that his largest personal angel investment has gone to Backpack. On September 2, Backpack announced that Kyle Samani has joined the Backpack US board of directors. Samani has long focused on DeFi, blockchain infrastructure, and the development of global capital markets. Backpack stated that this appointment reflects a shared conviction between both parties: the future of global finance will combine institutional-grade risk controls with the efficiency and transparency of on-chain markets.
Backpack
Spencer Applebaum, Co-Head of Venture at Multicoin Capital, disclosed that HYPE remains Multicoin Capital's largest holding. Prediction markets show a 68% probability that HYPE will reach $100 in October.
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Hyperliquid
DePIN project Grass has announced an investment from Multicoin Capital's hedge fund and venture fund. The amount and round were not disclosed. The project uses crypto incentives to encourage users to share idle network bandwidth, providing AI labs with public internet data querying, parsing, and real-time retrieval services.
Grass
Multicoin Capital stated that as real-world assets (RWAs) such as equities, bonds, commodities, and foreign exchange accelerate their migration on-chain, the core infrastructure of DeFi will gradually expand from primarily serving native crypto assets to encompass traditional financial market structures such as order books, RFQ, fixed-rate lending, options, dark pools, and portfolio margin. Multicoin believes that the next phase of bringing RWAs on-chain is no longer merely asset tokenization, but rather enabling these assets to actively participate in trading, credit, derivatives, and risk management, thereby expanding the overall size of the DeFi market.
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according to Lookonchain monitoring, Multicoin Capital, after a one-week pause, has once again deposited 130,300 HYPE worth $12.15 million to Coinbase Prime. Since July 28, Multicoin Capital has cumulatively deposited 4.23 million HYPE worth $285 million to Coinbase Prime.
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Lookonchain
Tushar Jain, Founder and CIO of Multicoin Capital, stated that the current crypto market sentiment appears slightly overheated, leaving open the possibility of a pullback or consolidation. He advised investors to stay calm, avoid overtrading, and focus on holding high-quality assets, allowing their investment thesis to play out naturally rather than attempting to precisely time every short-term high or low.
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According to on-chain analyst Onchain Lens (@OnchainLens), Multicoin Capital transferred 441,000 HYPE tokens (approximately $35.31 million worth) from four wallets to Coinbase Prime over the past six hours, seemingly preparing to sell.
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Odaily News: According to Lookonchain monitoring, Multicoin Capital has again deposited 333,200 HYPE, worth $26.73 million, into Coinbase Prime.
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Lookonchain
Odaily News According to on-chain analyst Ai Yi's monitoring, Multicoin Capital has been suspected of selling 1.725 million HYPE worth $133 million since July 28, with an expected profit of $77.15 million. Its most recent deposit occurred 9 hours ago, with a cost price of approximately $32.32 and an average deposit price of $77.03. Currently, it still holds HYPE worth $60.29 million on-chain.
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Hyperliquid
Odaily News According to on-chain analyst Ai Yi's monitoring, Multicoin Capital has reportedly sold HYPE worth $112 million since July 28, with an estimated profit of $64.08 million, representing a return rate exceeding 134%. Between January and July of this year, the entity built a position of 4.95 million HYPE tokens from Galaxy Digital at an average price of $32.32, and subsequently appears to have taken profits in batches on exchanges. Its most recent deposit to Coinbase occurred 3 hours ago, involving approximately 150,000 HYPE tokens valued at $12.78 million.
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Return
Odaily News, Backpack officially announced that Kyle Samani, former co-founder of Multicoin Capital and early investor in Solana, has now joined the Backpack US board of directors.Previously, Kyle Samani had publicly expressed intentions to step away from the crypto industry, signaling a gradual exit to focus on personal investments. In February of this year, he posted that "cryptocurrency is not as interesting as expected, and blockchain has limited potential," but later deleted the post.
Backpack
Solana
According to an official post from Backpack, Multicoin Capital co-founder and early Solana investor Kyle Samani has officially joined the Backpack US board of directors. Backpack stated that this appointment reflects a shared belief that the future of global finance will combine institutional risk controls with the efficiency and transparency of on-chain markets. Kyle Samani has long specialized in decentralized finance, blockchain infrastructure, and the evolution of global capital markets, making him one of the most influential voices in the crypto industry.
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Solana
According to Onchain Lens, Multicoin Capital has transferred an additional 63,200 HYPE to Coinbase, worth approximately $5.23 million. Since the update yesterday, it has cumulatively transferred 261,600 HYPE to Coinbase, valued at around $21.72 million.
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Hyperliquid
Onchain
Odaily News - According to on-chain analyst Yu Ying's monitoring, Multicoin Capital (0xA9D...a642F) has continued to transfer 261,000 HYPE, worth $21.7 million, to Coinbase Prime over the past 9 hours. Multicoin Capital redeemed 1.97 million HYPE from staking at the end of July, of which 1.551 million HYPE, worth $114 million, have been gradually transferred to Coinbase Prime over the past month, with an average transfer price of $73.
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Hyperliquid
According to on-chain analyst Onchain Lens (@OnchainLens), Multicoin Capital has transferred approximately $59.04 million worth of $HYPE to Coinbase across 8 addresses over the past 30 days. The latest transfer occurred 7 hours ago, amounting to 81,300 HYPE (approximately $6.69 million).
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Hyperliquid
Onchain
Odaily News, According to Lookonchain monitoring, Multicoin Capital has been continuously depositing HYPE into Coinbase Prime, with a cumulative total of 815,885 HYPE worth $59.8 million deposited over the past 10 days.
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Lookonchain
Odaily News – HYPE reached an intraday high of $82 yesterday, rising 38% over the past week, with 24-hour trading volume exceeding $2 billion and a market cap of approximately $17.17 billion. Hyperliquid's 30-day trading volume surpassed $176 billion, with open interest exceeding $8 billion.On August 19, U.S. President Donald Trump stated that the Commodity Futures Trading Commission (CFTC) is pushing to bring Hyperliquid into the U.S. market in a compliant and lawful manner. On August 20, a wallet associated with venture capital firm Multicoin Capital transferred 308,884 HYPE tokens, valued at approximately $19.8 million, to institutional custody and trading platform Coinbase Prime within seven hours.During the same period, the wallet also transferred 172,710 and 62,700 HYPE tokens, valued at approximately $10.15 million and $4.37 million, respectively. Since February 2026, Multicoin Capital has transferred over $100 million worth of HYPE to Coinbase Prime. Meanwhile, Hyperliquid has been using approximately 99% of its perpetual and spot market fee revenue to continuously buy back HYPE through the Assistance Fund. (Bitcoin.com News)
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According to on-chain analyst Onchain Lens (@OnchainLens), Multicoin Capital transferred 197,560 HYPE tokens valued at approximately $14.54 million to Coinbase over the past 9 hours, likely for sale.
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