YouSaid · the spoken record

Kyle Samani

lines on the record: 83
first: 2021-11-18
most recent: 2021-11-18
sittings or episodes: 1
sources: podcast

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“There's a lot of risk. It's 50 50, but it's not uncertain. We know that what the outcomes are, they're defined. We know the probabilities of the outcomes. There's not a lot of uncertainty, but there's a lot of risk. And so when I'm looking at the portfolio, I want to construct a portfolio thinking about uncertainty, but I don't necessarily pay a ton of attention to the risk or the measure of volatility in that sense.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Then use that and try and trade around it around these positions. I think there's too big of a risk of being whipsawed where you sell, you think it's going to go down, but then actually it goes up and you never get to buy it again. What if you sell, it goes up 10x, then drops down 80%? You're better off holding the entire time because you're never going to be able to buy back cheaper. And while a lot of people get worried about exit liquidity, honestly, given our level of conviction in these assets, I'm more worried about entry liquidity. Will we be able to buy this at scale again? I think that that's a really important question that people need to ask, especially institutional investors who are used to asking that question. One more thing I would add. I think that there's a big difference between uncertainty and risk. And I think people use those terms interchangeably. We are not looking to have a ton of uncertainty exposure in the portfolio, but risk is okay. Here's an example of how I think about the difference between those two things. If I flip a coin.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“A few pretty strong thoughts about this question. One, I would say is I agree with Kyle completely on the quantitative forms of risk measurement or not particularly useful. We are not managing for volatility. It's impossible if you're trying to do that in crypto to manage for volatility and also manage for highest absolute returns. We're really focused more on the returns. People do try to sell their winners on the way up and then try and buy them back if it comes back down. But the problem is they don't know that that's going to happen. The number of times that people have told us to sell some of our biggest best positions early on, it's crazy because they don't have the conviction in the actual thesis. And what they see is, oh, this has gone up. Perhaps you should train. And I am reminded of this picture I saw of Paul Tudor Jones pointing towards a sign that says losers average losers. And so we don't actually try to go and take the market price and”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“You sign up and you try and get crypto returns and try and have equity of all, you just drive yourself crazy. So know the game you're playing. If you're playing an entrepreneurship game, then you need to be all in and work as hard as possible to try and make it. If you're going to be a crypto investor, you just have to be ready for those drawdowns. That means you have to manage leverage accordingly. That means you have to think about sector exposure and those kinds of things. Those thoughts are reflected in our portfolio construction. And we all just message to our LPs. It's going to be volatile and to expect it. As long as you know what you're underwriting, that's okay. No unknowns are okay. Unknown unknowns are what gets you. But you can pretty meaningfully mitigate unknown unknowns through portfolio construction.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have higher risk tolerance than most people, which if you're going to be a crypto. Kind of required, so I think you needed to normalize the answer to the question, not against the broader investor population, but against probably our peer group. Among our peer group, we're probably still at the further end of the risk spectrum. But I also think we think about risk differently. I generally think quantitative forms of risk measurement are not super useful, like VAL being the most classic one. Stuff in crypto has over the last 10 years gone down 50 to 85%. It's happened many times. I think it will happen again. If you just kind of assume that will happen again, then you can rewire your brain and think up portfolio construction differently with some of those assumptions. Even this year, between the local peak in April and the bottom peak in June, the entire market was down 50% and we're at all-time highs right now. We didn't blink. I mean, we just sat through it. Unlike our portfolio was down about 50% peak to trough, we didn't meaningfully outperform or underperform through that period. You have to know the game you're signing up for.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Obviously, concentration can cut both ways. So, how would you describe your risk tolerance and willingness to hold through drawdowns? And you guys have been around since 2017, so maybe talk about the experience of managing a portfolio through the crypto winter of 2018 and crypto Black Thursday in March of 2020.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Indefinite, and we want to let things compound indefinitely. And so what we look at is really what are our best ideas? And then we know our LPs are diversified on their side. So what are they looking to us for? Is that they're looking to us to put up our best ideas and express conviction?”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a good question. We really focus on conviction because what we think about is what do we actually know? What do we know and what do we really believe? And this goes back to the thesis formation and starting from the thesis first, starting from the fundamentals first. What we're doing is we are forming deep conviction in the idea. And then that allows us to have a more concentrated position. The way we look at this in the hedge fund is we have eight to 12 positions that drive the vast majority of returns. And it's really a best ideas fund. And it's quite concentrated. So there's only a few ways that something leaves a fund. Either, you know, one, the thesis plays out or is appropriately priced by the market or overpriced. Two, we get some information that the thesis is not going to play out. Something changes, something bad happens. Or three, we have another idea that we like much better. But otherwise, the timeframe of the fund is”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Probably the most important thing, or one of the most important things, has been the private companies are staying private a lot longer before going public. And all of that wealth creation is happening in the private markets. In crypto, these things just go public at series A as a comp proceed to series A. If you were to try and frame it to those terms. And look, some of these things do feel overvalued. A lot of these things launch at a billion dollar market cap. And I think most people would agree it shouldn't be worth a billion dollars. But if your time horizon is long and if you like the thesis, the answers unfortunately is the cost of playing the game. That doesn't mean that if you're right that it can't become 10 billion or 30 billion or whatever the number is in five years. And so that's generally the way we think about things. We have a lot of things in the hedge fund and the venture fund that we want to hold for a long time.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we are set up to play the whole continuum. We have our hedge fund and we have our venture fund. It's really the same strategy and same set of theses across both funds. The difference between them, obviously mechanically lockups. Obviously the venture has a longer lock up and has a more strict recycling provisions and such. But really the more important difference is the venture fund is just a higher risk, higher reward vehicle. We are putting higher percentages of the fund into things at earlier stages in the venture fund with the explicit goal of taking on more risk. There's a fair bit of name overlap between venture fund one, venture fund two, and our hedge fund. And that reflects, again, the fact that we have developed theses and we like these things and we want to hold them and let them compound. I have a kind of a rule with anything we invest in, that the time horizon. Again, it should be able to compound indefinitely. Not that it necessarily has to, but at the time of entry, we need to believe that 10 to 20 years from now, there are still broad-based macro forces that are supporting this thing and allowing this thing to continue to grow. That's very important. If you look at capital markets in the last 10 years, excluding crypto,”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, there's a funny saying Kyle says this all the time. All of our debates are a function of time horizon. I would say we focus on the longer end of the scale, even in our hedge fund. We're looking at two years out and the venture fund. We're looking at a much longer than that. We are not short-term focused. The crypto markets are incredibly inefficient and also incredibly irrational on a short-term time basis. And so we really find that there's too much noise if you're looking for something short in two years. Unless you're like an active trader liquidity provider type strategy saying something like Delta Neutral, something like that, like that's fine. That's just not what we do. What we're really focused on are fundamentals on a longer term time horizon.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Honest, is the people in power positions like Kyle or myself can just keep talking and dominate the conversation. Also, only one person can talk at a time, which is a pretty inefficient, versus in writing, it reinforces a flat structure and ideomeritocracy where anyone can say anything, everyone can talk the same time, you can't crowd people out by just being louder or being in the power position. So I'd say writing is absolutely core to our culture in multiple ways.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“I have a few things to add here. I would say writing has actually been really core to our culture. The way I think about it is that when you are speaking your thoughts or just thinking your thoughts, it's very easy to have holes in your logic, writing them down forces you to make sure that you are not straw manning something or skipping a step, then very importantly, we are not afraid to be wrong in public. We will share our thoughts in public, even if there's a chance that we're wrong and we don't mind at all. And actually, that I think is probably our biggest edge is that we are not afraid to be wrong. And then people correct us. And that has been enormously, enormously valuable. We also use writing extensively internally. A lot of our meetings, especially like investment committee meetings, start silently where everyone is reading memos and commenting back and forth in those memos to each other. We find that that works a lot better than having spoken meetings because the problem with spoken meetings to be”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Blog, for the most part, speaks to the crypto community, but even within the crypto community, not everyone has time to keep up with everything going on. And there's real value in helping educate the rest of the crypto community about what we're thinking and it helps educate them and bring their knowledge level up. That also reaches kind of external audience as well, people who are not full-time crypto. Arguably, the hardest thing to do in the space over the last five years and probably over the next five is just general education. And the way we kind of look at writing as doing our part to help make that happen.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think some other comments I would add to that. I think one of the really powerful things about thesis-centric investing is that theses should be able to compound indefinitely. I would say of all of the types of risks we underwrite, whether it's market timing or product or founder or competitive dynamics or whatever, entry valuations, et cetera. The one that I would say we consistently struggle with the most, and I think most other VCs also probably struggle with the most is timing. Being too early is always too painful. It sucks being too late. It's usually easier to tell if you're too late than it is to tell if you're too early. But given the fact that market timing risk is, I think, probably the hardest form of risk to deal with in very general terms, then if you're right and you nail something, you want to make sure it can just compound indefinitely. And so like the internet is the best example of this. You could have gone long Amazon in 98, 99, 2000, ignore AWS, assume AWS never happened because that was unforecastable. Just the core thesis of the Everything Store, starting with...”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think being thesis driven means a few things to us. The first thing that it means is we really start from the thesis first. A lot of investors go through the list of assets out there and they say, do I like this or do I not like this? Or if they're VCs, they look at deals as they come across their desk and they decide on a case-by-case basis, do I like this or do I not like this? And that's not how we operate. The way we operate is we first form a thesis on how a particular sector of the crypto world will evolve or how a specific market will play out, how the technology will be implemented, how products could be designed. Now, something that we can have some conviction in, some sort of thesis. And then we go and find the best way to express that thesis in the portfolio. And that process is just reversed. We actually tell the team frequently, we are not an investment organization. We are a truth-seeking organization. Our job is to go and”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think so as well. And the thing that I remember was realizing that the tech was now ready for people to start building interesting things that could go and change the world. Previously, it wasn't really ready yet, at least in my opinion. In 2016, you really couldn't build anything on Ethereum. It didn't work. And like you could never really build anything on Bitcoin. It was 2017 where it started to become more clear that you could do things beyond just create digital money that's sat there. Because we knew what we didn't want to do is go and start trying to trade Bitcoin up and down. That's not what we do. That's not our edge. Our edge is in thinking about these assets, thinking about how the technology is going to be applied. And in order to do that successfully, you need there to be enough assets. You need there to be a diversity of assets out there, diversity of theses, et cetera. And 2017 was the first time that truly became possible.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't recall a specific moment. Actually, no, I think it was the Gnosis ICO, which was like May 5th or May 10th or something of 2017, but it was in early May. And that was at that point probably 10th legit ICO. At that point, I remember I was tagging with Shar and they brought $12 million in in like 30 seconds. And I remember both of us knew how hard it was to raise venture money. And we were like, something is happening here. And I think that was the moment that I recall that we said there is now a market here. We can do this professionally and there's enough to do and there will be enough to do to keep us busy. That was our moment that we struck. I think that's right, Tushar.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, you have to be comfortable being uncomfortable. That's really the key thing. There's always going to be chaos, especially in an industry that's moving this quickly, like crypto is. Everything is changing so fast. I think one of the key cultural attributes there is just being comfortable being uncomfortable.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very strongly agree with that. I think one of my other really important meta learnings from Pristine that's definitely translated over in, I think, a unique way in the multi-coin has been just sheer perseverance. Most of the entrepreneurs we back, they bust their asses and they're working very hard. Most people who know me know that I'm particularly hard charging, I'll say it's probably the right adjective. And when I put my mind to something, it gets done. That trait is extremely valuable across all types of things you can start. That's probably the most generically useful one across anything, I think. And I certainly brought that into Multicoin as well. It's much less common to see that I say among investors. It's certainly been very helpful for us in just making sure we move fast, keeping the pace of the firm moving as people who work here will tell you a lot of things are going on. And it kind of feels like we're all underwater. And that is by design.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Would kick off with one. I think Kyle will agree with this one. My general advice people who are young is take more risk. People are too scared, usually. They should take more risk. You can afford to make mistakes, especially when you're young. You can afford to do something that turns out to not work. And that's okay. You don't need to be building on the stable foundation forever. Take more risk, especially when you're young and go and have conviction and try something. And if you're wrong, that's fine. You have a good story.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, yeah. I mean, I remember the articles, this was back in the day of RSS feeds, and everyone used RSS readers. And I remember being like, oh, someone who actually likes reading these same things, like an ANTEC and Rs Technica, I remember two other blogs that we both really liked. And for some reason, we were really into like chips and Moore's Law and see how much faster it could go. For no practical purpose, we weren't going to do anything. I also remember playing a lot of video games. I think we played Halo quite a bit back in the day. With regards to the question of how Kyle convinced me to move to Austin, I just knew that I didn't want to spend my life coloring in between the lines. I knew what the expected path was and I knew that I did not want to take the expected path. I thought going and building something would be better for me. And so honestly, I don't think it was that hard to change my mind there going into traditional finance route was just not a fit for my personality.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think either of us remembers where we first met. We definitely met freshman year. We were in the same class at NYU Stern. We didn't start coming close until probably sophomore year. Back then, I was rating TechCrunch religiously. I don't know if you want to comment on how I convinced you to move to Austin.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“This is going to have important implications for finance. And that's what started pulling us in over the course of 2016 spent time reading and learning about the ecosystem, investing my own capital, one of the parts of history and monetary policy and theory that I was less familiar with, so things like distributed systems, cryptography, and all the like. By the spring of 2017, I had developed a full-time internet hobby and made the decision to launch Multicoin in May of 17 with Tuchar. We launched our hedge fund on October 1st of 2017. That vehicle today has several billion in AUM. We added venture fund one in July of 18. That fund is now 100% deployed. We are currently deploying out of venture fund two, which is a $100 million fund. We have today a 15-person team all over the US and a couple in China as well. We're having a ton of fun, investing a lot of tokens, a lot of interesting companies, and having a blast along the way.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then Google killed Google Glass, which, as you can imagine, was a small problem for the business. After that happened, I ended up pivoting the company. The company was ultimately acquired in a very small little outcome for mostly IP and for engineering talent. In 2016, I was kind of fiddling around with things to do with my life. It was a little bit jaded about healthcare just generally. I remember at one point I was playing around with some of the Stripes APIs, even as far back as March 2016, Stripe was a pretty hyped up company. And I remember digging through the docs and I was like, you know, you can take a credit card payment and not a lot more. I was like surprised. I just kind of expected there to be more, like a lot more given the degree of hype. And then like a week later, I ended up feeling around with Ethereum. And it just struck me that Ethereum was just infinitely flexible. And I think that's probably the first time when I appreciated what does it mean to have permission versus permissionless finance was comparing those two things side by side. We didn't fully appreciate, I think, what DeFi would become. I started chatting with Tushar about this and we both started to quickly realize.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I actually grew up in Austin, Texas, and that is where the firm is based today. I spent a lot of my childhood playing video games, which I want to say has some relevance to crypto, and I think probably we'll have more relevance over the next few years than the prior few years. I'm very fortunate my dad's a computer scientist, so always grew up around computers and technology programming when I was pretty young, building computers, hacking, all those kinds of things, went to NYU City of Finance, and Tushar and I met at NYU. We kind of really bonded in color over our shared interest of software and finance and kind of that intersection. At the same time, Tushar started ePatient Finder two weeks later, I started Pristine. Pristine built software for Google Glass for surgeons. I know Google Glass was kind of a silly consumer product, but it was actually a very useful tool for surgeons because surgeons are sterile. They have to work with their hands. And glass was a pretty useful tool for them because it's a hands-free mode of operation. We built a lot of workflow automation tools for surgeons, ended up raising about $5 million adventure, grew to a few million in revenue, about almost 25 or 30 employees.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Called Eligo Health Research. And I found myself looking for the next thing to do. We had both seen Bitcoin earlier, like in 2013, but weren't that excited because you couldn't do anything with the Bitcoin. But in 2016, Kyle showed me the Ethereum white paper. And what we saw was the ability to use code to create a new type of human economic coordination, like a new type of firm. And we thought, oh, this is what internet native businesses will look like. This is going to be the next big type of organization. So quickly fell into what I would call the intellectual event horizon of crypto and could not stop thinking about it, spent all day, every day, or killing the people on the internet, thinking about how this technology is going to evolve, how things will go. And in 2017, we decided to launch Multicoin.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. My name is Jashar, so you can recognize our voices. I grew up in New York and was always really interested in technology, ended up going to school at NYU and studied finance and political science, but knew that my career was going to be on the technology side of things. So after NYU, I left and moved to Austin. Kyle actually convinced me to come and move down here. He's from Austin. And we worked together at an electronic medical record company for about a year. This was back in 2012 when that was the hot new thing. Then after a year working there, we decided to leave and both start our own companies. I'll let Kyle tell the story about Pristine. I started a company called ePatient Finder, which used patients' electronic medical record data to help them find clinical trial options or other advanced treatments that they may not have known about or their physician may not have known about. That went relatively well and ended up being rolled up by a larger company here in Austin.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think it gets back to, I mentioned We want to invest with conviction and concentration. So, again, while it's a new area, we still want it to be of size where it can be impactful to performance, but for a space that's going to be highly volatile while offering asymmetric returns, we will take that into account and the newness. And so it's going to be a little bit smaller as a result.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think it's talking to smart folks that we know and respect and getting their perspective and then doing our own homework. I mean, I think what you hear from a lot of folks in crypto space is the best way to understand the space is to get your hands dirty. So it can be as simple as reading the Bitcoin white paper and then going out and buying some Bitcoin yourself and understanding how private keys work and all that. But then once you go down that rabbit hole and start talking about Ethereum and The protocols built on top of that start getting involved with some of the real use cases and go from there. So I think that's the approach that we took.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“Programming backgrounds who could really understand the underlying blockchain technology. And then doing it within an institutional wrapper. So a real back office, reputable service providers. And so at that point, it just became much more investable space for us. And so we spent time with maybe half a dozen of the preeminent crypto specialists at the time of which Multicoin was certainly one of them.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“In early 2019, initially really focused on Bitcoin, Bitcoin at the time trading at 5,000. We just saw incredible asymmetry to the extent this digital gold thesis played out. And so we got involved there first. And then that was the segue into looking at this. I'd call it cottage industry of crypto debt. That had popped up that honestly were much more interesting and intrigued. Than back in 2017 You had real talented folks coming into the space, folks with real technical.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source
“On today's manager meeting, Michael Liddy speaks with Kyle Samani and Tushar Jain. Mike is a partner at Evanston Capital Management, a $4.5 billion hedge fund of funds whose CIO Adam Blitz was a past guest on capital allocators. Kyle and Tushar are co-founders and managing partners of multi-coin capital, a $4.5 billion thesis-driven manager of cryptocurrencies, tokens, and blockchain companies. Kalantushar founded Multicoin in 2017 and have grown a hedge fund and venture businesses to one of the largest in the space. Before they get going, Mike and I discuss Evanston's process to invest in the space, diligence specific to crypto strategies, selection of multicoin, and fit in their portfolio.”
2021-11-18 · Capital Allocators · Kyle Samani and Tushar Jain - Multicoin Capital (Manager Meetings, EP.20) · IDENTIFIED FROM THE TRANSCRIPT · source