Multicoin Capital Management, LLC
Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets.
In the firm's own words, from its website.
2 additional team members, 9 additional co-investors and affiliates, 6 additional investments, funds and LPs, 8 events, 3 verified contacts (2 general firm email, 1 firm phone)
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What matters now
- 4 companiesnew in 12 months
4 new companies in the last 12 months. Latest round HYFIX seed ($15M round) on 15 Apr 2026.
A firm writing cheques this quarter is one a founder can pitch now.
- 1 roundled by Spencer Applebaum
Spencer Applebaum leads the most rounds on record: 1 round, latest LI.FI Series A (11 Dec 2025).
The partner who leads is the one to reach; the rest of the team follows a lead partner's call.
- 1 departurepeople, 12 months
A team member departed 20 days ago.
A partner leaving or arriving changes who decides, and who a founder or LP should call.
InferenceIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)For Founders, LPs, recruitersTeam → - 1 of 3enter at seed or A
Enters mostly at seed to Series A: 2 of 3 first entries on record, in line with the early stage its site states.
rounds to 15 Apr 2026 · Tells a founder whether their round is one this firm writes.
People to know
View all people- Managing Partner And Member - Multicoin Capital Management, LlcWhy: Managing partner: runs the firmNo route on file yet
- Investment PartnerWhy: Partner: part of the investment decisionNo route on file yet
Relationship network
29 connected entities5 observed rounds3 dated rounds shown here, 2025 to 2026
From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.
- Sponsor
- Company
- Fund or vehicle
- Person
›How strength and recency are read
Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
How am I connected?
Name your firm, a company or a person, and DFX finds the published routes to Multicoin Capital Management, LLC: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.
See how you connect to Multicoin Capital Management, LLC
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
5 companies on record, 4 new in 12 months
Investments on record
What these amounts mean“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.Acquired, Public, Exited and Active are what the firm’s own portfolio card says, read on the date shown when you hover the chip; they are not deal dates. A company with no chip is one whose card states no outcome: DFX does not assume it is active.| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| HYFIX | Seed Round · Seed | participant | unknown | $15.0M | unknown | Apr 15, 2026 | Fact Press release |
| Novig | Series B · Series B | participant | unknown | $75.0M | unknown | Feb 18, 2026 | Fact Press release |
| LI.FI | Series A Extension · Series A | lead | Spencer Applebaum (confirmed) | $29.0M | unknown | Dec 11, 2025 | Fact Press release |
Stated thesis versus observed behaviour
- Sectors
- fintech, crypto
- Stages
- early
- Geography
- global
- Check size
- $1.0M to $50.0M stated by the firm
- Self-described
- venture capital
Team
7 current, 3 departed
Decision makers
- Tushar Jain · Managing Partner And Member - Multicoin Capital Management, LlcWhy this person: Managing partner: runs the firm; Named with investment responsibility
- Spencer Applebaum · Investment PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility; Led 1 round on record
Who else at this firm · 1 person, grouped by function
- Brian James Smith · Cfo, Coo, And Member - Multicoin Capital Management, LlcWhy this person: Cfo, Coo, And Member - Multicoin Capital Management, Llc at the firm
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Investment team
How the team is orderedPartners who lead rounds first (rounds led, then deals attributed, then seniority), then the rest of the investment team, then investor relations, finance and operations. A person named by two sources under two spellings is shown once.- Managing Partner And Member - Multicoin Capital Management, Llc
- Investment Partner · led 1 round on record
- Cfo, Coo, And Member - Multicoin Capital Management, Llc
3 departed (kept with end dates)
- David Johnston · Member - Multicoin Capital Management, Llc · May 1, 2017 to Mar 31, 2021 Inference
- David O. Sacks · Member · Sep 1, 2017 to Mar 28, 2019 Inference
- Pyahm "kyle" Samani · Manager · May 1, 2017 to Sep 11, 2026 Fact
Contacts
2 general firm email, 1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
7 vehicles, 0 LPs disclosed
Funds and vehicles
What these amounts meanGAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Multicoin Venture Fund II, LP | Fund · ADV: Private Equity Fund | 2021 adv first reported | Mature | $101M Sep 11, 2026 | 197 | $0 | Nov 20, 2020 |
| Multicoin Private Fund IV, LP | Fund | 2021 adv first reported | Mature | $3.3M Sep 11, 2026 | 44 | unknown | unknown |
| Multicoin Private Fund I, LP | Fund | 2020 adv first reported | Mature | $17.5M Sep 11, 2026 | 7 | unknown | unknown |
Limited partners
Known LPs and allocators
What these amounts and dates areEach commitment is counted once across the pension tape and the allocator graph. A commitment date prints only when the source printed one; otherwise the row carries the report date. A foundation’s 990-PF line is a holding at fair value, never a commitment. Rows without a fund on the venture graph are commitments to this manager.Relationships across DFX
12 co-investors · on 4 other DFX graphs
Co-investors
- 2026-04-151 shared deal · one time · they led 1
- 2026-04-151 shared deal · one time
- 2026-04-151 shared deal · one time
Across DFX and the capital chainon 4 other DFX graphs · 1 capital path ShowHide
- Sponsor-market profile (matched by same CRD)
- The same institution is held on Independent Sponsors, Private Equity, RIA and Wealth, Allocators, matched by identifier. See which records
Multicoin Capital Management, LLC is the same institution as 4 records in Independent Sponsors, Private Equity, RIA and Wealth and Allocators.
DFX found 4 relationships across 4 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
Multicoin Capital Management, LLC sits on 1 traced path of capital across the graphs.
DFX traced 1 path of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Evidence and history
13 dated events, 86 observations from 3 sources
Timeline
- Sep 11, 2026Pyahm "kyle" Samani (Manager) no longer on Schedule A of Multicoin Capital Management, LLC
- Sep 11, 2026Multicoin Private Fund VI US, LP first reported on Form ADV by Multicoin Capital Management, LLC (Venture Capital Fund)
- Sep 1, 2023Daniel Alejandro Leonardo joined Schedule A of Multicoin Capital Management, LLC as Chief Compliance Officer And Deputy General Counsel
- Jul 1, 2021Greg Elias Xethalis joined Schedule A of Multicoin Capital Management, LLC as General Counsel And Chief Compliance Officer - Multicoin Capital Management, Llc
- Jun 29, 2021Multicoin Private Fund IV, LP first reported on Form ADV by Multicoin Capital Management, LLC (Venture Capital Fund), GAV $22,750,000
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Sep 11, 2026 · 10 private fundsShowHide
- Headquarters
- Austin, TXadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- MULTICOIN.CAPITAL
- SEC adviser type
- Registered investment adviseradviserinfo.sec.gov
- SEC exemption claimed
- unknown
- Latest Form ADV
- Sep 11, 2026
- Private funds reported
- 10 (5 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $2.7Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Regulatory AUM
- $2.7Bthe adviser's RAUM, a regulatory measure, never a fund size
- Employees
- 22
- Owners on Schedule A
- Multicoin Capital GP, LLC (Member - Multicoin Capital Fund Gp I, Llc, Multicoin Opportunities Fund Gp I, Llc And Multicoin Venture Fund Ii Gp, Llc), owns 75% or more
Classification history
Classification history
Every classification this record has carried3 on recordShowHide
- Sep 23, 2026Private equity with venture activity (probable, 75%)Registered adviser; venture funds are 33% of 10 private funds
- Sep 12, 2026Private equity with venture activity (probable, 75%)Registered adviser; venture funds are 29% of 10 private funds
- Sep 12, 2026Private equity with venture activity (probable, 75%)Registered adviser; venture funds are 29% of 11 private funds
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC funds reported | Mar 7, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Sep 11, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Mar 7, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | May 29, 2024 | Fact | Form ADV |
| First Form ADV filing | 2018-05-18 | Sep 11, 2026 | Fact | Form ADV |
| First Form ADV filing | 2018-05-18 | May 29, 2024 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-30 | Oct 1, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-29 | Sep 30, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-25 | Sep 26, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-23 | Sep 24, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-21 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-22 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1 | Sep 12, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-09-11 | Sep 11, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-07 | Mar 7, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-05-29 | May 29, 2024 | Fact | Form ADV |
| SEC status | Approved | Mar 7, 2026 | Fact | Form ADV |
| SEC status effective | 2021-07-28 | Mar 7, 2026 | Fact | Form ADV |
| Venture share of reported funds | 0 | Sep 11, 2026 | Fact | Form ADV |
| Venture share of reported funds | 0 | May 29, 2024 | Fact | Form ADV |
| Business phone | Mar 7, 2026 | Fact | Form ADV | |
| Business phone | May 29, 2024 | Fact | Form ADV | |
| Contact page url | Sep 30, 2026 | Fact | ||
| Contact page url | Sep 16, 2026 | Fact | ||
| Description | Sep 30, 2026 | Fact | ||
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 13, 2026 | Fact | ||
| Employees | 22 | Mar 7, 2026 | Fact | Form ADV |
| Employees | 22 | May 29, 2024 | Fact | Form ADV |
| Headquarters | Austin, TX | Mar 7, 2026 | Fact | Form ADV |
| Office address | Mar 7, 2026 | Fact | Form ADV | |
| Self-described type | Venture capital “0 2 / Venture Fund” | Sep 30, 2026 | Fact | |
| Self-described type | Venture capital “0 2 / Venture Fund” | Sep 16, 2026 | Fact | |
| Self-described type | Venture capital “0 2 / Venture Fund” | Sep 13, 2026 | Fact | |
| Legal form | Limited Liability Company | Mar 7, 2026 | Fact | Form ADV |
| PE funds reported | 4 | Mar 7, 2026 | Fact | Form ADV |
| Portfolio page | Sep 30, 2026 | Fact | ||
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 13, 2026 | Fact | ||
| Private funds reported | 10 | Sep 11, 2026 | Fact | Form ADV |
| Private funds reported | 10 | Mar 7, 2026 | Fact | Form ADV |
| Private funds reported | 11 | May 29, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $2.7B | Sep 11, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $2.7B | Mar 7, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $4.3B | May 29, 2024 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $2.7B | Mar 7, 2026 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $3.8B | May 29, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Sep 11, 2026 | Fact | Form ADV |
| Stated check (high) | $50.0M | Sep 30, 2026 | Fact | |
| Stated check (high) | $50.0M | Sep 16, 2026 | Fact | |
| Stated check (high) | $50.0M | Sep 13, 2026 | Fact | |
| Stated check (low) | $1.0M | Sep 30, 2026 | Fact | |
| Stated check (low) | $1.0M | Sep 16, 2026 | Fact | |
| Stated check (low) | $1.0M | Sep 13, 2026 | Fact | |
| Stated geography | global “geography words on the home page” | Sep 30, 2026 | Fact | |
| Stated geography | global “geography words on the home page” | Sep 16, 2026 | Fact | |
| Stated geography | global “geography words on the home page” | Sep 13, 2026 | Fact | |
| Stated sectors | Fintech, crypto “sector words on the home page” | Sep 30, 2026 | Fact | |
| Stated sectors | Fintech, crypto “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | Fintech, crypto “sector words on the home page” | Sep 13, 2026 | Fact | |
| Stated stages | early “stage words on the home page” | Sep 30, 2026 | Fact | |
| Stated stages | early “stage words on the home page” | Sep 16, 2026 | Fact | |
| Stated stages | early “stage words on the home page” | Sep 13, 2026 | Fact | |
| Venture funds reported | 5 | Sep 11, 2026 | Fact | Form ADV |
| Venture funds reported | 5 | Mar 7, 2026 | Fact | Form ADV |
| Venture funds reported | 4 | May 29, 2024 | Fact | Form ADV |
| Website | Mar 7, 2026 | Fact | Form ADV | |
| Website | May 29, 2024 | Fact | Form ADV | |
| Site title | Sep 30, 2026 | Fact | ||
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 13, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersPrivate equity with venture activity, probableShowHide
Registered adviser; venture funds are 33% of 10 private funds
- importance
- gav: 0.11 · funds: 0.42 · people: 0.16 · investments: 0.26 · scale basis: Venture-typed funds only (Private equity with venture activity): 5 funds, $23M of $138M reported · co investors: 0.44
- active deployment
- investments 12m: 0.5 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 0 · latest investment at: 2026-04-15
- emerging manager
- fund count: 8 · reported gav: $138M · first adv filing: 2018-05-18 · years since first filing: 8.4
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Record history
- Fund refused2026-09-15
- Fund refused2026-09-14
- Fund refused2026-09-14
+4 more changes on this record's ledger
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.