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.
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.
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.
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