Original | Odaily Planet Daily (@OdailyChina)

Author | Azuma (@azuma_eth)

On February 4, local time, the well-known venture capital firm Multicoin Capital informed its LPs that co-founder and managing partner Kyle Samani has stepped down from his daily responsibilities and management roles at Multicoin and will transition to an advisory role.

Another co-founder of Multicoin, Tushar Jain, stated that Samani's interests have expanded from the cryptocurrency field to cutting-edge areas such as AI, longevity technology, and robotics, prompting him to dedicate more time to exploring these emerging technologies.

The Man Who Calls for SOL the Loudest

Since co-founding Multicoin with Tushar in 2017, Samani has been one of the most active investors in the cryptocurrency space, with his most notable achievement being his aggressive bets on Solana.

Multicoin was one of the first venture capital firms to heavily invest in Solana, leading the first three rounds of financing from 2018 to 2021, while Samani took on the role of advocating for Solana in the crypto world. Samani is particularly skilled at promoting Solana through high-profile criticisms, having publicly attacked Bitcoin for its lack of practical utility and criticized Ethereum for its bloated structure and slow scalability, emphasizing that "Solana is always the answer," firmly believing that SOL will outperform BTC and ETH in the long run.

A recent example is that yesterday, Vitalik publicly acknowledged the historical mistakes in Ethereum's Layer 2 roadmap, and Samani specifically shared an article he wrote in 2021 comparing the scalability paths of Ethereum and Solana, commenting that "this marks the beginning and end of Ethereum's strategic failure."

Multicoin's bet on Solana has been hugely successful. At the end of 2021, Samani appeared on The Wolf Of All Streets podcast and stated that the firm had achieved an astonishing profit of 614,000% on Solana.

However, following the collapse of FTX, the entire Solana ecosystem suffered a severe blow, with SOL dropping to as low as $8, and the project fell into its darkest moment, leading to significant profit reversals for Multicoin — the fund recorded a loss of approximately 91.4% for the entire year of 2022, marking its worst performance since inception.

But Samani and Multicoin showed a more resolute side during this time, not only refusing to abandon Solana but also continuing to advocate for it with conviction and increasing their investments in Solana ecosystem projects. The ultimate result was that Solana successfully achieved one of the most remarkable rebirths in cryptocurrency history, and Samani and Multicoin regained their "lost ground" as SOL rebounded.

After the rise of Digital Asset Treasury (DAT) in 2025, Multicoin, along with Galaxy Digital and Jump Crypto, co-led a $1.65 billion financing round for DAT company Forward Industries. Forward Industries is now the largest SOL DAT on the market (holding 6.82 million SOL, valued at approximately $626 million), and Samani himself has taken on the role of chairman of the board for the company.

A Madman in the Eyes of Ordinary People, the Best Investor in the Eyes of Peers

Due to Samani's preference for contrarian investments and his overly high-profile and provocative statements, he is often surrounded by controversy (mainly from the Ethereum ecosystem).

However, among a few VC peers, Samani is regarded as the best investor in the entire cryptocurrency field. Dragonfly Capital partner Hasseb Qureshi once stated that as competitors, Dragonfly and Multicoin are always at odds, but experts recognize experts; investing is like a sport, and Samani is the highest scorer in history, unmatched by anyone.

Hasseb added, "This doesn't mean you have to like him; I often find him reckless, even dislike him. I frequently disagree with him… but Samani is a true contrarian thinker. He bets where others are unwilling to bet… Ultimately, that's the reason investors exist — to allocate capital to undervalued ideas, and Samani is one of the few non-consensus investors in our industry."

Personal Statement: I Will Not Completely Withdraw

After the letter to LPs from Multicoin was made public, Samani also explained his job changes on X.

Samani emphasized that his faith in cryptocurrency and Solana remains unchanged — "After nearly a decade of deep involvement in the cryptocurrency industry, I am more convinced than ever that crypto technology will fundamentally reshape the financial system. I believe the Clarity Act will attract new participants like a tide, giving rise to an unprecedented wave of applications. I still have a long-term positive outlook on the crypto space, especially the Solana ecosystem, and I plan to continue making personal investments in this field while supporting the companies in the Multicoin portfolio."

Additionally, although he will gradually step back from Multicoin, Samani will continue to serve as chairman of the board for Forward Industries. Furthermore, Samani mentioned that he plans to submit a redemption request to the main fund of Multicoin on March 31, 2026, but will not request cash redemption; instead, he will redeem in kind with shares and warrants of Forward Industries, significantly increasing his personal exposure to Forward Industries.

Exploring Future Directions

In the letter to LPs, Multicoin mentioned several new directions that Samani is interested in — AI, longevity technology, and robotics.

While it is currently unclear which directions Samani has set his sights on (Samani stated he will take a break for now), he recently shared an article by another Multicoin partner, Shayon, about AI titled “Inverting the Human-Agent Relationship”. The core idea of the article is that rather than struggling to think about "what AI can assist humans with," a more economically beneficial direction is "how humans should assist AI," and around this shift in thinking, what new investment opportunities will arise.

Interested readers can read the original article directly or use it as a window into Samani's future thinking.

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