Co-Founder & Managing Partner at Multicoin Capital
Thesis-driven investing. Crypto as coordination layer for the internet. Fat protocol thesis. Early Solana bull. DePIN evangelist.
Come with a thesis, not just a product. Kyle values founders who articulate why their approach is right and the market is wrong.
Contrarian theses backed by data, Solana ecosystem projects, DePIN networks, scalable L1 applications
Ethereum maximalism, modular rollup complexity, projects without clear thesis alignment
Crypto incentives bootstrap physical infrastructure → usage generates revenue → revenue sustains the network.
Price increases attract talent → talent builds infrastructure → infrastructure enables next cycle.
Develop a macro thesis first, then find the best teams executing on it
Monolithic chains with hardware improvements will outperform modular approaches
“Technical scalability creates social scalability.”
— Multicoin Capital
“DePIN is the largest crypto investable opportunity outside of money itself.”
— Bankless
“We are thesis-driven, not deal-driven. We develop a view of the world and then find the best teams executing on that vision.”
— Blog
+ 9 more investments. View fund →