Multicoin Capital

“We have basically no formal rules of any form of portfolio construction nature. We don't do any notion of reserves and multi coin. We just deploy and raise our next fund.”

“Step one of our hiring process is write an essay better than what's on our blog. I actually, I don't read your name. I don't read your background. I don't read your resume. I don't care. I just start reading the first words of your document.”

“But we can happily T WAP over, over six months. We have one position we've been T WAPing for a year.”

“I believe that the core unit of an investment firm is the investment team. And I am of the view that if investment team is larger than 10, you are now net value destructive to the overall investment team process and culture.”

“Once, you know, we are talking about a new asset in investment committee, the subsequent six or seven minutes are silent. It's everyone having a bunch of Google doc comment conversations concurrently.”

“Multicoin prioritizes I'd say 93% of our discussion time is on market. I would like glance at a couple screenshots of the product, but I don't really care. And founders, I only care that the founder market fit is like, makes sense.”

“We cannot be the best at everything. We tried to for our first. 36 months, 24 to 36 months trade the market and do fundamental research and do venture. And we realized you cannot, you just cannot do all of the above.”

“It doesn't for us and the reason it doesn't is we have some basic thresholds for making investments, and one of those thresholds is we will only make an investment if our intended hold horizon at the time of investment is forever. That doesn't mean we can't se…”

“We basically don't do SaaS businesses for this reason. Not like, and I say this as someone who used to be very enthralled by SaaS. But very few SaaS businesses have meaningful network effects.”

“We are stage agnostic. We will write one million dollar tickets. We will write three hundred million dollar tickets and we will do everything in between.”

“Mechanically speaking, with a lot of the private round market deals that get done these days they're legally structured as SAFs, excuse me, as SAFs with token warrants or equity rounds with token warrants, but the primary asset that we believe will have value …”

“I think it's extremely value destructive to do so because you can't know ahead of time what you, like, we could not forecast helium. It would not, if we had any constraints on what is in strike zone or not, then helium would have been out of strike zone.”

“The process of actually recognizing the truth fundamentally requires active disagreements. Because the human brain is subject to everyone has their own biases and whatever heuristics they're using. And they're, as they write a memo are, some of which are inher…”

“We scrapped the trading, the market, and I no longer look at the prices of anything. We now are 100% focused on thesis formation with our holding period is indefinite.”

“Our first bet we made was EOS. That was absolutely wrong. There were a lot of valid technical criticisms that we ignored and all of those technical criticisms turned out to be correct.”

“The original reason we passed on the FTT seed round in March, April, 2019 was because we were like, Hey man, no separation of church and state. You can't run Alameda and FTX. People are not going to trade here. And we were like, okay, pass. And then we passed.…”