Kyle Samani

Kyle Samani co-founded Multicoin Capital in 2017 with Tushar Jain, at a time when institutional crypto investing was still nascent. Multicoin distinguished itself through deeply researched, thesis-driven investment memos that analyzed blockchain protocols from first principles of cryptoeconomics, computer science, and game theory. The fund made early and significant bets on Solana, FTX (a painful later loss), and various DeFi protocols. Multicoin's research memos on topics like decentralized exchanges, layer-1 blockchain scalability trade-offs, and the "fat protocol thesis" became influential documents in the crypto investment community. Despite suffering significant losses on FTX-related investments, Multicoin maintained its reputation for intellectually rigorous crypto research. Samani has been one of the more articulate voices explaining blockchain technology to institutional investors.