Multicoin Capital Management, LLC
SEC-registered investment adviser.
- Website
- HTTPS://MULTICOIN.CAPITAL/
- HQ
- TX
Warm intros only
This firm says it does not take cold pitches. Ask someone who knows the team to introduce you.
Who to approach: Brian Smith, Mason Nystrom, Shayon Sengupta, Spencer Applebaum, Tushar Jain
Multicoin Capital Management is a firm that makes long-term, high-conviction investments in category-defining crypto companies and protocols across public and private markets. It invests on behalf of sophisticated families, foundations, endowments, and institutional investors. Co-Founder and Managing Partner Tushar Jain leads the firm, and its portfolio includes Grass, Pyth Network, TipLink, Helium, Hivemapper, and Delphia.
New fund likely raising soon
The firm's newest fund is 4 to 7 years past its first sale and no newer Form D has been filed.
01 · Says / Does
| Tag | Says | Does | Historically (to 2020) |
|---|---|---|---|
| Stages | Seed, Series A | Not enough dated deals | Seed, Series A |
| Sectors | Crypto and Web3 | Not enough dated deals | Crypto and Web3, Fintech, Hardware |
| Regions | Not stated | Not enough dated deals | CA, NY |
Says: what the firm's funds state. Does: from 1 dated deal in the last 24 months.
Historical focus (through 2020), derived from historical deal data.
| Year | Deals | Top sectors |
|---|---|---|
| 2018 | 10 | Crypto and Web3, Hardware, Devtools |
| 2019 | 11 | Crypto and Web3, Fintech, Hardware |
| 2020 | 2 | Crypto and Web3, Fintech |
Stage mix over time
- Pre-seed
- Seed
- Series A
- Series B
- Growth
| Year | Pre-seed | Seed | Series A | Series B | Growth |
|---|---|---|---|---|---|
| 2018 | 0 | 3 | 2 | 0 | 0 |
| 2019 | 0 | 6 | 2 | 0 | 1 |
| 2020 | 0 | 1 | 0 | 0 | 0 |
| 2021 | 0 | 0 | 0 | 0 | 0 |
| 2022 | 0 | 0 | 0 | 0 | 0 |
| 2023 | 0 | 0 | 0 | 0 | 0 |
| 2024 | 0 | 0 | 0 | 0 | 0 |
| 2025 | 0 | 0 | 0 | 0 | 0 |
| 2026 | 0 | 0 | 0 | 0 | 0 |
02 · Fund history
| Fund | Year | Size | Status |
|---|---|---|---|
| MULTICOIN VENTURE FUND III US, LP | 2022 | $297.86M (Form D) | Late investment period |
03 · People across funds
- Brian Smith, Partner, CFO and COO
- Mason Nystrom, Investment Partner
- Shayon Sengupta, General Partner, Co-Head of Venture
- Spencer Applebaum, General Partner, Co-Head of Venture
- Tushar Jain, Managing Partner
04 · Recent deals
- Sep 29, 2026GrassStage unknownFirmsource
05 · Latest from the firm
- Team changeWelcoming Mason NystromOct 6, 2026
- InvestmentThe Read Layer for Machine IntelligenceSep 29, 2026
06 · Sources
- HTTPS://MULTICOIN.CAPITAL/
- https://multicoin.capital/contact/
- https://multicoin.capital/blog/
- https://multicoin.capital/about/
- https://multicoin.capital/
- https://multicoin.capital/2024/01/16/what-multicoin-is-excited-about-for-2024/
- https://multicoin.capital/2023/03/09/new-investment-partners-at-multicoin/
- https://multicoin.capital/2026/09/29/the-read-layer-for-machine-intelligence/
- https://multicoin.capital/2026/10/06/welcoming-mason-nystrom/
- https://multicoin.capital/2021/05/04/announcing-venture-fund-ii/
- https://multicoin.capital/2022/07/12/announcing-venture-fund-iii/
Fund dates and sizes are from SEC Form D filings.
Last verified: Oct 25, 2026