When we look back in a not-so-distant future, I believe we’ll remember 2025 as one of the most consequential years in the history of crypto. The sheer number and magnitude of de-risking events this year have been truly unprecedented. From the passage of the historic GENIUS Act—arguably the most important piece of financial legislation since Dodd-Frank—to the definitive end of Chokepoint 2.0, to the announcement of Project Crypto and the SEC’s bold plan to rebuild America’s capital markets on blockchain rails, this year has marked a decisive turning point.
But the story of 2025 extends well beyond policy. We’ve witnessed major breakthroughs in market microstructure with propAMMs and conditional liquidity, public-market innovation (including the rise of digital asset treasury companyies, or DATs), prediction markets (both on- and off-chain), payments, stablecoins, synthetic dollars, DePIN, and more. Together, these advances signal that the crypto industry is moving into a new phase of expansion, coordinated growth, and legitimacy.
We explored each of these themes in depth at our eighth annual Multicoin Summit, which wrapped late last month. As is our tradition, we brought together an incredible lineup of guest speakers, portfolio founders, and industry leaders to share their perspectives on where markets and innovation are headed next.
We also unveiled several new Multicoin theses. Our team spends hundreds of hours refining these ideas—distilling months of research into concise, 15-minute presentations that articulate where we see the world going next.
Spencer argued that we’ve only seen the tip of the iceberg in fintech innovation, and explained why the best is still to come. Shayon introduced the concept of Internet Labor Markets, a powerful new framework that challenges the mainstream “AI-replaces-jobs” narrative head-on. And Vishal examined emerging opportunities in order-flow monetization, and why it will reshape the business models of internet applications.
While the Summit is designed first and foremost for our investors, we always aim to make our thinking accessible to all builders, investors, and stakeholders across the crypto ecosystem. We’re pleased to share that talks from the 2025 Multicoin Summit are now live on our YouTube channel. Links below. We hope you’ll watch, learn, and continue building alongside us as crypto enters its most exciting chapter yet.
The Road Ahead For Internet Capital Markets
Kyle Samani, Managing Partner, Multicoin Capital
2025 and the Future of U.S. Crypto Policy
Greg Xethalis, Partner and General Counsel, Multicoin Capital
The Rise of American Crypto
Bo Hines, CEO, USAT
Prediction Markets Rule Everything Around Me
Tarek Mansour, Co-Founder & CEO, Kalshi
Kalshi-as-a-Platform
John Wang, Head of Crypto, Kalshi
User Generated Assets and Order Flow: The Internet’s New Business Model
Vishal Kankani, Principal, Multicoin Capital
The Opportunity for Specialized Stablecoin Fintechs
Spencer Applebaum, Investment Partner, Multicoin Capital
The Evolution of Market Microstructure
Nitesh Nash, CEO, DFlow
Internet Labor Markets
Shayon Sengupta, Investment Partner, Multicoin Capital
The Physical AI Revolution
Mike Horton, Founder, GEODNET
Reinventing Banking With Stablecoins
Garrett Harper, Head of Business Development, Squads
Making Payments Fun
Alex Fine, CEO, Fun.xyz
Sports Betting in Real Time
Jason Krupat, Co-Founder & CEO, Cheddr
Stablecoins or Synthetic Dollars?
Guy Young, CEO & Founder, Ethena Labs
