Multicoin Capital Co-Founder Kyle Samani Steps Back as Crypto VC Landscape Shifts

Kyle Samani, the influential co-founder and managing partner of Multicoin Capital, has announced his transition from day-to-day operations to an advisory role at the cryptocurrency-focused venture firm. This move marks a significant shift for one of crypto's most recognizable investment figures, whose early backing of Solana helped define the firm's thesis-driven approach. Samani's departure from active management comes amid a complex period for crypto venture capital, where firms are navigating volatile markets while positioning for the next generation of blockchain innovation.

Multicoin Capital confirmed Samani's transition in a statement, noting his continued involvement as an advisor while emphasizing the firm's ongoing operations under remaining leadership. Founded in 2017, Multicoin gained prominence through concentrated bets on infrastructure projects like Solana, Helium, and Arweave – investments that generated substantial returns during crypto's bull cycles but faced challenges during market downturns. Samani's public commentary frequently shaped industry discourse, particularly regarding blockchain scalability and token economic models.

The timing of this transition raises questions about the evolving crypto VC landscape. While venture funding for blockchain projects saw a modest recovery in 2025, deal volume remains below 2021 peaks. Firms like Multicoin face pressure to demonstrate sustainable returns as limited partners grow more selective. Some industry observers speculate that Samani's move reflects a broader generational shift in crypto investing, where technical infrastructure bets give way to applications leveraging mature blockchain networks. Others note that Multicoin's recent portfolio additions indicate a widening focus beyond pure-play crypto into adjacent areas like decentralized AI compute and tokenized real-world assets.

Community reaction has been mixed. Some investors expressed concern about leadership changes at a firm synonymous with crypto's institutionalization, while others noted that Multicoin's investment team retains deep expertise. "Founders will miss Kyle's technical rigor during due diligence," commented one early-stage crypto founder who received Multicoin funding. "But venture firms naturally evolve as markets mature." Samani himself hinted at exploring new opportunities in decentralized physical infrastructure networks while maintaining his advisory role at Multicoin.

This leadership transition occurs alongside other significant movements in crypto finance. Earlier reports indicated Tether considered raising $5-20 billion in fresh capital, signaling institutional interest in stablecoin-adjacent opportunities. Meanwhile, regulatory uncertainty continues influencing investment theses, with firms increasingly prioritizing jurisdictions with clearer digital asset frameworks. Multicoin's ability to navigate these crosscurrents without its most visible co-founder will test the firm's next chapter in crypto's volatile but persistent evolution.