Written by: 0xjs
Crypto crash, OG departs.
Multicoin Capital co-founder and managing partner Kyle Samani announced on February 4, 2026, on X that he is stepping down from his day-to-day operations and management role at Multicoin.
Reasons for leaving Multicoin
1. Career transition and rest: He described it as a "bittersweet" moment, noting that his nearly 10 years at Multicoin had been incredibly meaningful and rewarding, but he now wants to take a break and explore new areas of technology, such as AI, longevity technology, and robotics.
2. Remaining Deeply Entrenched in Crypto: He explicitly stated that he is "more confident than ever that crypto is going to fundamentally rewire the circuitry of finance," and is particularly bullish on Solana. He will continue to personally invest in crypto, support the Multicoin portfolio company, serve on the board of directors of Zama, and continue to serve as chairman of Forward Industries (NASDAQ: FWDI).
3. Key Action: He plans to submit a redemption application to the Multicoin Master Fund on March 31, 2026, requesting physical redemption in the form of FWDI shares and warrants (not cash) (subject to Multicoin's legal/compliance and FWDI's approval). This move will "substantially increase my personal economic exposure to FWDI," and is expected to be publicly filed after settlement in April 2026. 4. FWDI is the "world's leading Solana treasury company." It previously received a $165 million PIPE investment led by Multicoin, Jump Crypto, and Galaxy, and holds over 6.97 million SOL, generating returns through staking and DeFi. Kyle personally invested additionally and served as its chairman. Controversy A point of controversy surrounding Kyle's departure from Multicon was a tweet he briefly posted and then deleted, expressing disillusionment with the early vision of Web3/dApps. He argued that blockchain primarily reshapes finance as an "asset ledger," that DePIN deserves attention, and that on-chain privacy remains a key issue (he still favors Zama). Taran (@Taran_ss): Everyone's trying to find a scapegoat for the failures of cryptocurrency—some blame Binance, some blame Trump, and others blame DATs; there are many more to blame: countless L2 and infrastructure projects, "team cash-outs," and so on. But ultimately, these participants are all fulfilling some need—either providing popular services, creating investment opportunities for venture capitalists, or solving real technical problems. Instead of blaming each other, let's put aside "price action (PA)" and leverage for a moment and talk about what we've accomplished. Stablecoins, digital self-custody, 24/7 markets—these are just a few examples. Cryptocurrencies will survive, just in a very different form. Most of the planned big tokens have already been launched, and most have been disappointing. This year will present very clear investment and building opportunities in the crypto space, and believers must seize these opportunities for the industry to continue to grow. Goodnight. Kyle Samani (@KyleSamani) replied: Cryptocurrency isn't nearly as interesting as many enthusiasts (including myself) expected. I used to believe in the Web3 vision and decentralized applications, but not anymore. Blockchain is just an asset ledger that will reshape finance, but beyond that, it won't offer many breakthroughs (DePIN is another area worth watching). Cryptocurrencies will rise, but aside from on-chain confidentiality, all the interesting questions have already been answered (I firmly believe Zama will win in this area).
However, he quickly clarified and reiterated "mega long SOL, mega long crypto" (extremely bullish on SOL and crypto), continuing to participate personally and as FWDI Chairman.
The Multicoin LP letter, co-signed by him and co-founder Tushar Jain, confirms that the transition was well-thought-out and not sudden; daily operations continue to be driven by the top team including Tushar Jain and Brian Smith.
Impact on the Industry Multicoin Capital's Stability: As a high-impact crypto-native VC (VC + secondary liquidity token strategy) that heavily invested in early-stage companies like Solana and Helium, the leadership change is a normal transition in the founder cycle and will not lead to fund collapse or drastic strategy changes. The team is strong and will continue to advance the ecosystem. Positive Signals from Solana and FWDI: Kyle is one of Solana's earliest and most prominent advocates (Multicoin led Solana's seed round). He has increased his personal exposure to FWDI (the world's largest public Solana treasury, focusing on SOL accumulation, on-chain revenue, and even tokenizing equity on Solana), highlighting long-term confidence, especially during market volatility. This could boost confidence in the Solana ecosystem and attract institutional attention to Solana treasuries such as FWDI. Regulatory Optimism: He specifically mentioned that the Clarity Act (Digital Asset Market Clarity Act) will unlock a wave of new entrants, drive unprecedented adoption, and delineate the authority of the SEC/CFTC, facilitating mainstreaming. Broader Trends: This reflects the flow of Crypto VC founders towards cutting-edge technologies such as AI and robotics (capital/talent rotation), but does not equate to "exiting crypto." Similar situations are common during bear markets/transition periods, highlighting industry maturity; Kyle continues to exert influence as an individual investor and board member. Potential Risk Interpretation: Some observers see this as a signal of market pressure, but Kyle himself and Multicoin have explicitly denied this, and his FWDI move is actually proof of "mega long." Overall, the outlook is neutral to slightly positive, with no evidence of significant negative impact. In short, this is a personal career choice rather than an industry crisis, reinforcing Kyle's commitment to Solana/FWDI, while Multicoin maintains continuity.
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