Original article | Odaily Odaily( @OdailyChina )
Author｜Azuma ( @azuma_eth )
On February 4th local time, Multicoin Capital, a well-known venture capital firm, sent a letter to its limited partners (LPs) stating that co-founder and managing partner Kyle Samani has stepped down from his day-to-day duties and management roles at Multicoin and will assume an advisory role.
Tushar Jain, another co-founder of Multicoin, said that Samani's interests have expanded from the cryptocurrency field to cutting-edge areas such as AI, longevity technology and robotics , so he decided to spend more time exploring these emerging technologies.
The man who is best at shill SOL
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 massive bet on Solana.
Multicoin was one of the earliest venture capital firms to heavily invest in Solana. Between 2018 and 2021, Multicoin led Solana's first three rounds of financing, while Samani himself took on the role of evangelizing Solana to the crypto world. Samani is extremely adept at promoting Solana through high-profile criticism, having publicly criticized Bitcoin for lacking practical utility and Ethereum for its bloated structure and slow scaling, emphasizing that "Solana is always the answer" and firmly believing that Solana will outperform BTC and ETH in the long run.
A recent example is that yesterday Vitalik publicly admitted that Ethereum's Layer 2 historical path was flawed, and Samani specifically retweeted an article he wrote in 2021 comparing Ethereum's scaling path with Solana's, commenting that "this is the beginning and end of Ethereum's strategic failure."
Multicoin's bet on Solana has been a huge success. In late 2021, Samani appeared on The Wolf Of All Streets ' podcast and stated that the firm had made an astonishing 614,000% profit on Solana.
However, with the collapse of FTX, the entire Solana ecosystem suffered a severe blow, and SOL once fell to $8. The project fell into its darkest hour, and Multicoin's profits also suffered a huge loss - the fund lost about 91.4% in 2022, the worst performance since its inception.
However, Samani and Multicoin demonstrated greater courage at this juncture . Instead of abandoning Solana, they continued to be driven by their faith, steadfastly preaching Solana and increasing their investment in the Solana ecosystem. Ultimately, Solana achieved one of the most astonishing rebirths in cryptocurrency history, and Samani and Multicoin regained lost ground as SOL rebounded.
Following the rise of Digital Asset Treasuries (DATs) in 2025, Multicoin, along with Galaxy Digital and Jump Crypto, co-led a $1.65 billion funding round for DAT company Forward Industries. Forward Industries is now the largest holder of SOL DAT (holding 6.82 million SOL tokens, worth approximately $626 million), and Samani himself serves as the company's chairman of the board.
A madman in the eyes of ordinary people, the best investor in the eyes of his peers.
Because Samani prefers contrarian investing and his remarks are too high-profile and highly inflammatory, he is always accompanied by a lot of controversy (mainly from the Ethereum ecosystem).
However, a few VC peers consider Samani to be the best investor in the entire cryptocurrency space. Hassab Qureshi, a partner at Dragonfly Capital, once said 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, “That doesn’t mean you have to like him. I often find him reckless, even annoying. I also often 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.”
I hereby state that I will not completely retire from the entertainment industry.
Following the publication of the letter from Multicoin's LPs, Samani himself also explained his job change on X.
Samani emphasized his unwavering belief in cryptocurrency and Solana: “After nearly a decade 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 a flood of new participants, creating an unprecedented wave of applications. I remain bullish on the crypto space in the long term, especially the Solana ecosystem, and plan to continue investing personally in this area while supporting companies in the Multicoin portfolio. ”
Furthermore, although he will gradually withdraw from Multicoin, Samani will continue to serve as Chairman of the Board of Directors of Forward Industries. Samani also mentioned that he plans to submit a redemption request to the Multicoin main fund on March 31, 2026, but will not request a cash redemption; instead, he will request a physical redemption in the form of Forward Industries shares and warrants, significantly increasing his personal exposure to Forward Industries.
Exploring Future Directions
In its letter to its LPs, Multicoin mentioned several new areas of interest to Samani—AI, longevity technology, and robotics.
While it's unclear which areas Samani has identified as promising (Samani indicated he'll be taking a break), he did share an article yesterday by Multicoin partner Shayon titled " Disrupting the Relationship Between Humans and AI ." The article's core argument is that rather than focusing on "what AI can do to help humans," a more economically viable approach is "how humans can assist AI," and it explores the new investment opportunities that will emerge around this shift in thinking.
Interested readers can read the original article directly, or use it as a window into Samani's future ideas.
