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Multicoin Capital portfolio: 42 companies, median round $10M

By NAUT Research · · 12 min read

42 Multicoin Capital portfolio companies tracked on NAUT across 50 rounds, 2018 to 2026. Logos: Aptos, Solana, Wormhole, Kalshi, Internet Computer, Zama, Burnt Xion, Recall Network, Starknet / Starkware, io.net, Farcaster, NEAR Protocol.

NAUT tracks 42 companies in the Multicoin Capital portfolio, across 50 funding rounds. 49 of those rounds carry an amount, the median one is $10.0M, and DeFi is the biggest sector group with 20 companies, ahead of infrastructure with 13 and base layers with 11.

Data note. Counted on 27 October 2026 from NAUT's own database: the company rows tied to the investment rows where NAUT records Multicoin Capital as a backer. 37 of the 50 rounds carry an announcement date, running from February 2018 to September 2026, and the other 13 carry a closing date but no announced one, shown here as no announced date. NAUT's stored portfolio-summary fields for the fund hold a wider set: 48 companies, a $48.2M average round and $2.32B deployed, though the fund page itself displays 50 investments and neither of those 2 totals. This page counts only the 50 rounds whose backer rows name the fund, so read the 42 as NAUT's round-level coverage rather than the fund's full history.

NAUT lists the fund under 2 rows, Multicoin Capital (50 backer rows) and a second row with the slug multicoin-capital-c2 (0 backer rows). The union of the 2 is the same 50 rounds and 42 companies counted here, and the duplicate is logged for a merge.

3 numbers carry a correction. 1 of the 42 rows is FTX Ventures, a fund row that holds a $900.0M Series B of July 2021, which is a round filed against an investor page rather than an operating company, so its amount sits outside the sizes quoted below. Burnt Xion holds 6 rows that look like 3 announcements recorded twice, each dated row matched by an undated row of the same amount and closing date ($25.0M, $8.0M and $3.0M), though the stored round-type label differs inside each pair, so its 6 count as 3 real rounds. And the sector tags overlap, because a company carries up to 5 of them, so the company counts in the sector table add up above 42. Written by NAUT Research.

What is in the Multicoin Capital portfolio on NAUT?

Sector Companies Priced rounds Avg round
DeFi 20 20 $46.8M
Infra 13 14 $63.5M
Layer 1, 2 and 3 11 17 $37.0M
AI 10 9 $28.0M
Privacy 5 5 $24.8M
DePIN 4 3 $15.0M
DEXs 3 3 $5.6M
Tools 2 2 $11.5M
Mining 2 3 $14.1M
RWA 1 1 $25.0M
Wallet 1 1 $20.0M
SocialFi 1 1 $30.0M
Prediction 1 1 $185.0M

DeFi, infrastructure and base layers hold the bulk of these Multicoin Capital investments, and the average round in each group is pulled up by a few large ones: the DeFi median is $7.0M against a $46.8M average, and the AI median is $16.0M against $28.0M. The set reaches back to 2018, so the mix reads as the fund's history rather than its position today.

The 14th sector tag NAUT holds across this set is "CEX (Centralized Exchange)", and its 4 rows are left out of the table above. 3 of them are onchain venues that carry the tag by mistake, Saber, MUX Protocol (prev. MCDEX) and OpenOcean, each already counted under decentralized exchanges, and the 4th is the FTX Ventures row named in the data note. Both defects are logged for a fix.

Multicoin Capital portfolio companies by sector

Every company below links to its NAUT page, which lists its team, its rounds and the other funds on its cap table. A company with several sector tags appears in each of its sections. The raised column adds every stored round for that company, so a team backed twice shows the sum of both.

DeFi (20 companies)

The largest group, and the one with the widest spread of cheque sizes.

Company Rounds Raised Latest
1 $314.0M Funding round, Jun 2021
1 $225.0M Funding round, Nov 2023
1 $185.0M No announced date
1 $73.0M Series A, Mar 2024
1 $30.0M Series A, Mar 2024
1 $30.0M Series A, Oct 2018
1 $20.0M No announced date
1 $12.1M Funding round, Jul 2019
1 $7.7M Seed, Jul 2021
1 $7.0M Funding round, May 2021
1 $6.3M Series A, Sep 2021
1 $5.1M Funding round, Feb 2024
1 $5.0M Strategic round, Apr 2021
1 $3.5M Seed, Mar 2021
1 $2.8M Private round, Oct 2021
1 $2.2M No announced date
1 $2.0M Funding round, Mar 2021
1 $2.0M Funding round, Mar 2021
1 $1.9M Seed, Jan 2021
1 $1.6M Private round, Oct 2020

Infrastructure (13 companies)

Chains, bridges, compute and encryption layers, and the group with the highest average round on this page.

Company Rounds Raised Latest
2 $350.0M Series A, Jul 2022
1 $225.0M Funding round, Nov 2023
1 $102.0M Funding round, Aug 2018
1 $73.0M Series A, Mar 2024
1 $30.0M Series A, Mar 2024
1 $30.0M Series A, Oct 2018
1 $28.0M Funding round, Jul 2018
1 $12.1M Funding round, Jul 2019
1 $10.0M Series A, Sep 2024
1 $10.0M No announced date
1 $7.0M No announced date
1 $6.3M Series A, Sep 2021
1 $5.0M Strategic round, Apr 2021

Layer 1, 2 and 3 (11 companies)

Base layers and rollups, 17 rounds between them, the most of any group here.

Company Rounds Raised Latest
1 $314.0M Funding round, Jun 2021
1 $102.0M Funding round, Aug 2018
6 $72.0M Series A, Apr 2024
1 $30.0M Series A, Mar 2024
1 $30.0M Series A, Oct 2018
1 $28.0M Funding round, Jul 2018
1 $21.0M No announced date
2 $14.3M Series B, Apr 2018
1 $12.1M Funding round, Jul 2019
1 $5.0M Funding round, Nov 2019
1 $1.1M Seed, Feb 2021

Manta is a modular Layer 2 team, and its NAUT row is stored as an investor rather than a project. The link above opens its page either way, and the stored type is logged for a fix.

AI (10 companies)

Compute networks, data networks and agent infrastructure, on a median round of $16.0M.

Company Rounds Raised Latest
1 $102.0M Funding round, Aug 2018
1 $42.0M No announced date
1 $30.0M Series A, Mar 2024
1 $25.0M Series A, Oct 2021
1 $16.0M Private round, Aug 2021
1 $12.1M Funding round, Jul 2019
1 $10.0M Series A, Sep 2024
1 $10.0M No announced date
1 $5.0M Funding round, Nov 2019
1 - No amount, Sep 2026

The Grass round of 29 September 2026 is the most recent dated round in this set and the only 1 of the 50 with no amount stored.

Kalshi carries no announced date in NAUT, which stores and shows 27 June 2025 as the closing date, while its own newsroom put the $185.0M Series C on 25 June 2025, at a $2.0B valuation.

Privacy (5 companies)

Encryption and identity teams, from fully homomorphic encryption to peer-to-peer settlement.

Company Rounds Raised Latest
1 $73.0M Series A, Mar 2024
1 $30.0M Series A, Oct 2018
1 $12.1M Funding round, Jul 2019
1 $7.0M No announced date
1 $2.0M No announced date

DePIN (4 companies)

Physical infrastructure networks, 3 of them also tagged AI.

Company Rounds Raised Latest
1 $30.0M Series A, Mar 2024
1 $10.0M Series A, Sep 2024
1 $5.0M Funding round, Nov 2019
1 - No amount, Sep 2026

Decentralized exchanges (3 companies)

The smallest average round of any group here, at $5.6M.

Company Rounds Raised Latest
1 $7.7M Seed, Jul 2021
1 $7.0M Funding round, May 2021
1 $2.0M Funding round, Mar 2021

Tools, mining and the single-company sectors

8 companies sit in groups of 2 or 1: developer and talent tooling, proof-of-work chains, a wallet, a social protocol, a prediction market and an identity network tagged RWA.

Company Sector Raised Latest
Prediction $185.0M No announced date
SocialFi $30.0M No announced date
Mining $28.0M Funding round, Jul 2018
RWA $25.0M Series A, Oct 2021
Wallet $20.0M No announced date
Tools $18.0M Strategic round, Oct 2020
Mining $14.3M Series B, Apr 2018
Tools $5.0M Strategic round, Apr 2021

Kadena is the only company here with 2 stored rounds; the other 7 carry 1 each.

The rows with no sector tag

3 rows carry no usable sector tag, so no group above claims them. The FTX Ventures line is the round filed against a fund page named in the data note.

Company Rounds Raised Latest
1 $900.0M Series B, Jul 2021
2 $18.3M Series A, Apr 2022
1 $15.0M Strategic round, May 2022

How big is a round in the Multicoin Capital portfolio?

The 49 rounds with an amount run from $1.1M, Manta's seed of February 2021, to the $900.0M row filed against FTX Ventures. The median is $10.0M and the mean is $53.7M as stored, which falls to $36.0M once that $900.0M row comes out. Set aside the FTX row and the 3 repeated Burnt Xion rows and the disclosed rounds add up to $1.69B. NAUT's stored summary fields for the fund, counting 48 companies instead of 50 rounds, hold a $48.2M average round and $2.32B deployed, neither of which the fund page displays.

Disclosed total per company, the 10 largest in the set
  1. Aptos$350.0M
  2. Solana$314.0M
  3. Wormhole$225.0M
  4. Kalshi$185.0M
  5. Internet Computer$102.0M
  6. Zama$73.0M
  7. Burnt Xion$72.0M
  8. Recall Network$42.0M
  9. Starknet / Starkware$30.0M
  10. io.net$30.0M

The chart adds every stored round per company, so Aptos shows both of its rounds and Burnt Xion carries the repeated rows named in the data note. Farcaster sits level with the last 2 bars at $30.0M, the $900.0M FTX row is left out, and Grass has no amount to chart.

Which rounds did Multicoin Capital co-lead?

NAUT records no lead flag on any of the 50 backer rows for this fund, and that is a gap in the data rather than a finding, because the press record names the firm as a co-lead at least twice.

On Wormhole's $225.0M round of November 2023, crypto.news reported that Multicoin Capital had said in its own blog post that it co-led the round. On Zama, The Block reported that the $73.0M Series A of March 2024 was co-led by Multicoin Capital and Protocol Labs. Both are among the 10 largest rounds in this set, so a founder reading this page as a target list should treat the fund as a lead candidate at size.

For 2 more of the big rounds the fund joined without leading. Aptos raised $200.0M in March 2022 in a round led by a16z crypto, with Coinbase Ventures and Multicoin Capital among the other backers, then $150.0M in July 2022 in a Series A that CoinDesk reported as led by FTX Ventures and Jump Crypto. On io.net's $30.0M Series A of March 2024, Cryptonomist reported that Hack VC led and Multicoin Capital took part.

Which companies did Multicoin Capital back more than once?

4 of the 42 companies appear in more than 1 stored round, and 38 appear in 1.

Company Rounds Raised Round types
6 $72.0M Series A, seed, pre-seed, private round
2 $350.0M Strategic round, Series A
2 $18.3M Seed, Series A
2 $14.3M Pre-Series A, Series B

Burnt Xion is the deepest relationship in the set on the stored rows, and 3 of its 6 rows repeat an earlier announcement, so read it as 3 rounds: a pre-seed of $3.0M in May 2021, a seed of $8.0M in January 2022 and the $25.0M Series A announced in April 2024. Aptos is the other follow-on, backed twice inside 5 months of 2022.

Who invests alongside Multicoin Capital?

NAUT records 192 other firms as backers somewhere in these 50 rounds, 35 of them in 3 or more. Coinbase Ventures and DeFiance Capital share the most rounds at 10 each. The 2 columns below count the rounds and the companies each firm shares with this fund.

Firm Rounds Companies
10 10
10 8
8 6
8 5
6 1
5 5
5 3
5 2
4 4
4 4
4 4
4 4
4 4
4 3
4 3
Rounds shared with Multicoin Capital, the 10 firms that appear most often
  1. Coinbase Ventures10
  2. DeFiance Capital10
  3. Spartan Group8
  4. Alameda Research8
  5. Mechanism Capital6
  6. Pantera Capital5
  7. The Spartan Group5
  8. Figment Capital5
  9. Scalar Capital4
  10. The LAO4

2 rows in that table are 1 firm: Spartan Group and The Spartan Group are duplicate NAUT rows, and across both they share 11 rounds and 6 companies with this fund, which puts the Spartan team ahead of every other co-investor here. The duplicate is logged for a merge. Mechanism Capital's 6 shared rounds are all Burnt Xion rows, so count that as 3 rounds with 1 company. The set also reaches back far enough to hold firms that no longer operate: Alameda Research wound down with FTX in November 2022.

What the Multicoin Capital portfolio tells a BD team

  • Half of these rounds are $10.0M or smaller. The $53.7M mean is the work of 7 rounds above $100.0M, so size the pitch to a team that raised the median.
  • DeFi and infrastructure hold 33 of the company slots. Pick the group you sell into and work it top down rather than screening the whole list.
  • 4 teams took a second cheque. Burnt Xion, Aptos, Forkast and Kadena have a warmer path to this fund than a first-time name, and each NAUT page names the people on both sides.
  • 35 co-investors share 3 or more rounds. An introduction through Coinbase Ventures, DeFiance Capital or the Spartan rows reaches the same table.
How a BD team can work this list
  1. Pick the sector firstDeFi holds 20 of the company slots and infrastructure 13, so start with the group you already sell into.
  2. Aim at the medianHalf of these 49 priced rounds are $10.0M or smaller, so pitch a team that raised $10.0M, not the $314.0M outlier.
  3. Go through a co-investorCoinbase Ventures and DeFiance Capital share 10 rounds each with the fund, so a warm path through either reaches the same cap table.
  4. Open the company pageEvery company above links to its NAUT page, which lists its team and the contact routes NAUT has verified.

What it tells a founder raising

  • The fund writes into chains and middleware at size. The 5 biggest stored totals here belong to Aptos, Solana, Wormhole, Kalshi and Internet Computer.
  • It co-leads. The press record puts the firm as co-lead on Wormhole's $225.0M round and Zama's $73.0M Series A, so a lead ask is in range.
  • Seed is in range too. The smallest round in the set is $1.1M and the decentralized exchange group averages $5.6M.
  • Recent cheques skew to AI and compute. The 3 most recent dated rounds here are Grass in September 2026, Pipe Network in September 2024 and Burnt Xion in April 2024.
How a founder can use this page
  1. Find your closest comparableMatch your sector and round size against the tables above, from the $5.6M average in decentralized exchanges to the $63.5M average in infrastructure.
  2. Read the co-investor list as a syndicate35 firms share 3 or more rounds with this fund, so the names around the table are as predictable as the lead.
  3. Reach the people, not the inboxOpen the fund page and the pages of 2 or 3 portfolio companies in your sector, and ask the founders there for the introduction.

How to reach the decision makers

Start at the Multicoin Capital page on NAUT, which holds the firm's portfolio, its rounds and the people NAUT has verified against it. Then open the company pages in your sector section: each lists the team, the round history and the other funds on the cap table, which is the shortest route to a warm introduction. Anyone searching for a crypto VC portfolio by sector can work the same tables in reverse, starting from a company and reading out to its backers.

Can you pull this data through the NAUT API?

Yes. Every company and round in this article is in NAUT's developer API as JSON, the same records the pages show. GET https://api.naut.so/v1/investors/multicoin-capital returns that fund with its team and every portfolio round NAUT holds (company, round type, amount, date, and whether it led), for 5 credits a call. A key with no credits gets clearly marked sample data, so you can build against it first. Plans start at $49 a month for 3,000 credits (pricing), and the API docs list every endpoint. Verified Telegram, email and LinkedIn for the people on NAUT unlock on any paid plan: start a 7-day trial.

Multicoin Capital portfolio FAQ

How many companies are in the Multicoin Capital portfolio?

NAUT tracks 42 companies backed by Multicoin Capital as of 27 October 2026, across 50 funding rounds, 37 of which carry an announced date between February 2018 and September 2026. The fund page itself displays 50 investments and NAUT's stored summary field for the fund holds 48, so treat the 42 as the round-level set where NAUT names the fund as a backer.

Which companies does Multicoin Capital back?

The largest stored cheques in NAUT's set went to Aptos ($350.0M across 2 rounds), Solana ($314.0M), Wormhole ($225.0M), Kalshi ($185.0M) and Internet Computer ($102.0M). By count the portfolio leans on DeFi (20 companies), infrastructure (13), base layers and rollups (11) and AI (10).

How much does Multicoin Capital invest in a round?

Across the 49 rounds in NAUT's set that disclose a size, the median round is $10.0M and the mean $53.7M, falling to $36.0M once the $900.0M row filed against FTX Ventures is set aside. Those are whole-round sizes rather than the fund's own cheque, which is rarely disclosed.

Does Multicoin Capital lead rounds?

The press record names it as a co-lead at least twice: Wormhole's $225.0M round of November 2023 and Zama's $73.0M Series A of March 2024. NAUT's own backer rows carry no lead flag for the fund on any of these 50 rounds, which is a gap in the stored data rather than a fact about the firm.

Which funds invest alongside Multicoin Capital?

NAUT records 192 other firms in these 50 rounds. Coinbase Ventures and DeFiance Capital share 10 rounds each, the Spartan Group rows share 11 between them, and Alameda Research, Mechanism Capital and Pantera Capital follow.

When did Multicoin Capital last back a round?

The most recent dated round in NAUT's set is Grass on 29 September 2026, which discloses no amount. Before that come Pipe Network's $10.0M Series A of September 2024 and Burnt Xion's $25.0M Series A of April 2024.

Sources

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