Author: Gu Yu, ChainCatcher
Today, Kyle Samani, co-founder and managing partner of Multicoin Capital, announced on his social media account that he will step down from the day-to-day management and investment decisions of Multicoin Capital to explore opportunities in other technology sectors outside the crypto industry. Multicoin subsequently stated that the fund will continue to operate normally, and existing investments and team structures will remain unaffected.
“Best Crypto Investor” Steps Down
This is undoubtedly a major piece of news in the crypto VC circle. For a long time, Kyle Samani has frequently written lengthy articles, participated in industry debates, maintained a clear stance on investment strategies, and, thanks to his early investment in Solana and the hundreds of times return it brought, he is not only the soul of Multicoin Capital but also one of the most influential and authoritative investors in the crypto industry.
... Previously, Haseeb Qureshi, Managing Partner of Dragonfly, wrote an article listing his three most admired crypto investors: Dan Robinson, Chris Dixon, and Kyle Samani, ranking third, second, and first respectively. "Kyle is one of the few truly contrarian investors in the cryptocurrency space. I disagree with almost everything he says. But his initial investments, and his unwavering belief in holding Solana through the downturn after the FTX crash, undoubtedly make him one of the greatest venture capitalists in cryptocurrency history," Haseeb Qureshi wrote. And yet, this "greatest of all time" chose to resign during one of the darkest periods in the crypto industry's history, prompting deep reflection: Even the top VC investors can't persevere? After all, several years ago, even when the price of SOL fell below $10 due to the FTX incident, he persisted in his investment views and ultimately proved himself with a more than 25-fold increase. Shortly after this announcement, a tweet Kyle Samani posted earlier today on his X account that he quickly deleted was also unearthed. According to available information, Kyle Samani, in response to a post by user X Taran (@Taran_ss) criticizing cryptocurrencies, stated: "Cryptocurrencies are simply not as interesting as many people (including myself) once imagined. I used to believe in the vision of Web3, and in dApps. Now I don't. Blockchain is essentially an asset ledger. They will reshape finance, but that's about it, not much more. DePIN is another area worth noting. Cryptocurrencies will continue to improve, but all the truly interesting questions have already been answered, except for the issue of on-chain privacy/confidentiality. (I still firmly believe Zama will win this race.)" In this response, Kyle Samani clearly states that crypto is no longer interesting and he no longer believes in the vision of Web3. Aside from reshaping finance, blockchain is unlikely to play a significant role in other areas. Privacy and DePIN are the only areas he still endorses. Multicoin Capital further confirmed Kyle's loss of interest in crypto in a letter to its limited partners (LPs). The letter stated that "Kyle's interests have expanded from cryptocurrency to other technology fields such as artificial intelligence, life sciences, and robotics, and he has decided to dedicate time to exploring these emerging technologies." Data also reflects a significant shift in Multicoin Capital's attitude and strategy. According to RootData, Multicoin Capital has participated in only four investment rounds since the second half of 2025, and only ten since October 2024. This represents a significant slowdown in investment frequency compared to previous periods, and also lags significantly behind other well-known VCs in terms of investment frequency, ranking below 50th.

Multicoin Capital Investment Round History Source: RootData
These changes are partly due to the dismal market conditions and performance. Among the projects that Multicoin Capital heavily invested in over the past few years, Wormhole token, which was invested at a valuation of $2.5 billion (the total funding round was $225 million, second only to the investment rounds of Forward Industries, FTX, and Solana), now has an FDV of only $220 million, Pyth Network token has an FDV of only $480 million, and Soalna's market capitalization has fallen below $100 again.

Multicoin Capital Investment Round History Source: RootData
These changes are partly due to the dismal market conditions and performance.