About Us

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Our Company

Multicoin Capital is a thesis-driven investment firm focused on the transformative potential of cryptocurrencies, tokens, and blockchain-based companies poised to reshape trillion-dollar markets. We manage both hedge funds and venture capital funds, actively investing across public and private markets with a long-term, strategic vision.

Since our founding in May 2017, we've earned a reputation for forward-thinking analysis and independent research. We're known for pioneering work in token economics, developing novel valuation frameworks, and challenging conventional assumptions about the long-term evolution of the crypto ecosystem.

Cryptocurrencies represent the first truly global asset class—natively borderless, accessible, and capable of coordinating value and activity across continents in real time. As a crypto-native investment firm, we don’t just invest passively—we actively participate in and contribute to the networks we support. Our deep technical fluency and market understanding allow us to operate at the forefront of innovation.

👉 Discover how strategic crypto investments are shaping the future of finance.

We take a hands-on approach, working closely with portfolio companies to maximize their chances of success. Today, we manage capital on behalf of leading venture capital firms, family offices, institutional investors, and high-net-worth individuals—all aligned around sustainable, long-term growth in the digital asset space.

Core Keywords

The Multicoin Team

The blockchain industry evolves at an unprecedented pace. To stay ahead, we’ve built a team of experts with diverse professional backgrounds—from engineering and finance to law and policy—giving us a unique competitive edge in identifying and supporting groundbreaking projects.

Kyle Samani

Co-Founder & Managing Partner

Kyle began his career as an engineer and now leads technical research and due diligence at Multicoin. Known for his articulate writing and systems-level thinking, he’s widely respected across the crypto community for his in-depth analyses. An extroverted partner by nature, Kyle also manages relationships with entrepreneurs and fellow investors.

Before Multicoin, Kyle founded Pristine, a health IT startup that raised over $5 million in venture funding and was later acquired by Upskill. He holds degrees in finance and management from New York University.

Tushar Jain

Co-Founder & Managing Partner

Tushar oversees portfolio construction, risk management, and team leadership. His passion lies in the new economic models enabled by blockchain technology, particularly decentralized finance (DeFi), token design, and exchange listing strategies.

Previously, Tushar founded ePatientFinder, another health IT startup that raised more than $10 million in venture capital before being acquired by Elligo Health Research. He graduated from New York University with degrees in finance and political science.

Brian Smith

Partner, CFO & COO

Brian leads all financial and operational functions at Multicoin Capital. His expertise spans deal structuring, due diligence, and legal and financial process optimization.

With over 18 years of experience in public and private equity, investment banking, and corporate finance, Brian brings deep institutional knowledge. He previously served as a public equity analyst at Tiger Management—where he helped launch the Tiger-seed hedge fund—and as a private equity investor at Fox Paine & Co. He also worked as an investment banker at Greenhill & Co. and co-led the IPO process for Bazaarvoice (BV).

Matt Shapiro

Partner, Head of Investor Relations & Investment Team Member

Matt leads investor relations and manages partnerships with our limited partners. He also contributes to structuring complex investment vehicles.

With 15 years of investment banking experience, Matt has structured billion- and multi-billion-dollar financings, spin-offs, mergers, and acquisitions—skills he now applies to the evolving crypto investment landscape.

John Robert

Head of Communications & Marketing

John leads Multicoin’s communications strategy and works closely with portfolio companies on go-to-market initiatives. He specializes in early-stage technology commercialization and brings over 15 years of public relations experience to the team.

Greg Xethalis

General Counsel

Greg joined Multicoin Capital Management LLC in July 2021 as General Counsel, overseeing all legal and regulatory affairs. He also advises portfolio companies on legal strategy and policy development.

Prior to Multicoin, Greg was a partner at Chapman and Cutler LLP, where he led their investment management and fintech practice. With over 11 years advising clients on digital asset matters—including asset managers, CeFi institutions, and stable value token issuers—he brings rare regulatory depth. Greg also represents traditional asset managers in launching novel registered products.

He is a member of the Fordham Law Alumni Board and serves as a senior lecturer at Duke University School of Law, teaching courses on fintech and blockchain legal policy.

Daniel Leonardo

Chief Compliance Officer & Deputy General Counsel

Daniel is responsible for ensuring Multicoin adheres to all regulatory requirements as Chief Compliance Officer and Deputy General Counsel.

Before joining Multicoin, Daniel served as 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 held roles as Senior Counsel in the Private Funds Unit and previously in the Investment Advisers/Investment Companies Program.

Prior to the SEC, Daniel worked at ACA Compliance Group, advising registered investment advisers—including private fund managers—on compliance matters. He also has eight years of experience in complex civil litigation in both state and federal courts.

Spencer Applebaum

Investment Partner

Spencer brings experience from both crypto-native platforms and traditional financial services. He previously worked at Bitspark—the world’s first blockchain-powered remittance platform using Bitcoin for international transfers—where he helped develop Zephyr, a crypto-backed stablecoin solution on the BitShares DEX.

Later, he worked in Deloitte’s multistate tax practice—a division of one of the world’s leading audit, consulting, and tax advisory firms—further strengthening his understanding of cross-jurisdictional financial systems.

Shayon Sengupta

Investment Partner

Shayon previously served as a product manager at Abodewell, a quantitative market maker in residential real estate. There, he led operations and development for their proprietary IoT security system and held senior roles in inventory growth and risk management.

Before Abodewell, Shayon worked on SAP’s strategy and business development team—gaining valuable insights into enterprise software innovation.

Vishal Kankani

Head of Investment Team

Vishal joined Multicoin from Deutsche Bank, where he served as Vice President. In that role, he designed, priced, and sold complex derivatives and quantitative investment strategies to institutional clients including asset managers, insurers, pension funds, and family offices.

Prior to Deutsche Bank, Vishal traded Eurodollar futures at a proprietary trading firm—laying the foundation for his quantitative approach to investing.

👉 Explore how institutional-grade strategies are driving next-gen crypto portfolios.

Frequently Asked Questions

Q: What does "thesis-driven investing" mean?
A: Thesis-driven investing means we build deep research-based hypotheses about how blockchain technology will evolve. Every investment aligns with one or more of these forward-looking theses—ensuring strategic coherence rather than opportunistic bets.

Q: Do you invest only in early-stage startups?
A: No—we invest across stages. While we back early-stage blockchain companies through venture funding, we also deploy capital in public markets via tokens and liquid assets, allowing us to support projects throughout their lifecycle.

Q: How does Multicoin add value beyond capital?
A: We offer portfolio companies strategic guidance, technical insight, regulatory support, go-to-market assistance, and access to our extensive network of industry leaders and investors.

Q: What regions do you focus on?
A: As a global-first asset class, crypto transcends geography. We evaluate projects based on technological merit and market potential—not location—though we maintain strong networks in North America, Europe, and Asia.

Q: How do you approach risk management?
A: Through rigorous due diligence, diversified portfolio construction, continuous monitoring of macro trends, and active participation in protocol governance and development.

Q: Can individuals invest with Multicoin Capital?
A: Currently, we manage capital for institutional investors, qualified family offices, and accredited high-net-worth individuals.

👉 Learn how accredited investors are gaining exposure to cutting-edge blockchain innovations.