Kyle Samani
Co-Founder & Managing Partner, Multicoin Capital. On 3 shows, 4 appearances, plus 1 compilation re-air not counted. The Shows tab opens the full record on each.
investorfounderexecutiveanalyst@KyleSamani ↗LinkedIn ↗multicoin.capital ↗
In 2017, Samani co-founded Multicoin Capital, an investment firm managing hedge and venture funds focused on blockchain networks, tokens, and Web3 infrastructure. He is known for publishing thesis-driven research and making early bets on projects like Solana, having previously founded enterprise smartglasses software company Pristine.
3shows
4appearances
81statements
10resolved
5supported
0contradicted
50%fully supported
14said about them ↓ Everything Kyle Samani said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Samani: Tokens only make sense for coordinating permissionless public behavior
“Tokens only make sense if you need to incentivize behavior in a permissionless fashion among the public at large. To have them all coordinate on, on some sort of broader shared objective.”
Samani: Helium cuts 99% of traditional wireless telecom costs
“And the goal of this model is, or what's great about this model is you physically remove 99% of the cost from the system. So labor cost goes to zero. Land cost goes to zero. Backhaul cost goes to zero. You just physically remove like all of the costs.”
Samani: Excluding customers from equity will be viewed as a regulatory bug
“The fact that norms today around business are those parties typically have no equity ownership. I think we'll be looked upon, I think in 20 years we'll be looked back as a bug of capital markets regulation, not as a feature.”
Samani: Multicoin only invests if intended hold horizon is forever
“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…”
Multicoin Capital operates without reserves or formal portfolio construction rules
“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.”
Samani: Sector-based portfolio targets in venture capital are value-destructive
“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.”
Samani: Multicoin spends 93% of investment evaluation time analyzing markets
“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.”
Samani: Multicoin avoids SaaS investments due to weak network effects
“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.”
Samani: Three Arrows Capital blowup is minor relative to entire crypto market
“This three AC blow up is like bad, but like, again, there, the total cost of blow up here is two, three billion. I don't know, against the total market cap of whatever Eight hundred billion. It's still not, like, a huge number. So yeah, not, not that bad in th…”
Samani: Capital formation innovations, not leverage, drive crypto bull markets
“That's not what creates the bull markets. What's created the bull markets is, yeah, I think actually I should say the last two bull markets has been novel formations, novel breakthroughs in capital formation.”
Samani: GEODNET revenue will more than triple in the next 12 months
“In terms of where the business at, the business just crossed about eleven million dollars in annualized run rate a few days ago. And it's growing more than three X year over year. I think it's gonna probably more than triple over the next 12 months.”
Samani: GEODNET uses 80% of its revenue to buy back tokens
“So today the GeoNet network is taking, of that eleven million in revenue, roughly excuse me, 80% of it is being used to make open market purchases of Geo tokens. And this is all visible on the Solana blockchain. They have all the addresses are published and st…”
Samani: DePIN productively channels crypto speculation into real-world economic output
“The speculation can be channeled productively, and I think that's underappreciated. D-PIN is really the kind of torchbearer, I think, on that front, where you can use the collective hive mind of people doing stuff in the real world and funding that collectivel…”
Samani: DeFi rails will eventually replace traditional regulated payment infrastructure
“DeFi payment rails are Objectively better than traditional rails. And you will see economic activity move off of traditional regulated rails to defy rails over time. That will take a while but it will happen.”
Samani: Crypto proved global demand for speculation far exceeds VC expectations
“And I would actually argue probably on an absolute dollars basis, crypto has shown that the demand for speculation globally is much larger than people previously thought. And the manifestations and forms in which people want it are broader and more varied than…”
Samani: Solana is explicitly capitalist compared to Ethereum's public-goods culture
“Ethereum is very focused on public goods funding, Very focused on kind of general welfare. And Solana is like very directly capitalist in kind of the more traditional sense of the word.”
Samani: Multicoin passed on FTX seed round before buying FTT in 2019
“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.…”
Samani: Multicoin's early bet on EOS was completely wrong
“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.”
Samani: Every smartphone will have a built-in private key within ten years
“I want everyone in the world to have a private key built into their phone that is secure and that they can use for arbitrary financial movements, whether those are payments or investments and that they can do so across any application. And I have a high degree…”
Samani: Stripe was overhyped for merely processing credit card payments
“I had played around with Stripes APIs maybe a week or two prior. And I was quite frankly, not terribly impressed. I was like, you can take a credit card payment. Like, why is this the most hyped up company in the world?”
Samani: Multicoin holds investments indefinitely and ignores asset prices
“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.”
Samani: Top crypto assets like Bitcoin and Solana lack obvious DCF models
“The largest assets by market cap, notably Bitcoin, Ethereum, Solana, et cetera are assets that don't really have an obvious DCF.”
Samani: Token incentives bootstrap physical networks by aligning risk and upside
“This is, I think like the textbook example of using token incentives to bootstrapping network. Where you actually are both able to assign risk and reward and couple those things in, in a real meaningful way. And in which the participants of the network, in thi…”
The other half of the tape: Kyle Samani's own voice is left out of every number here. Other people bring the name up 11 times in 6 episodes across the shows. 3 statements on the record name them. every mention, with the transcript →
Who brings them up most Harry Stebbings 4David Sacks 2Chamath Palihapitiya 2Marcos Veremis 1Joel Monegro 1Ian Lee 1
Statements about Kyle Samani, by other people (3)
Jain: Ethereum enables code-based economic coordination and internet-native firms
“What we saw was the ability to use code to create a new type of human economic coordination, like a new type of firm. And we thought, oh, this is what internet native businesses Will look like this is going to be the next big type of organization.”
Jain: Silent memo reading prevents senior partners from dominating investment decisions
“A lot of our meetings, especially like investment committee meetings, start silently, where everyone is reading memos and commenting back and forth in those memos to each other. We find that that works a lot better than having spoken meetings, because the prob…”
Every mention by year
tap a year for its mentions
20VC 6
All-In 4
Capital Allocators 1
2025 2 mentions in 1 episode
2022 2 mentions in 2 episodes 1 per episode
2021 2 mentions in 1 episode
2018 5 mentions in 2 episodes 3 per episode
- 20VC: Lightspeed Partner Adam Goldberg on Why There Remains No Mass Market Crypto Consumer Product, The Future For The Token Economy, The Good and Bad of Telegram's ICO and Why The Rate of Founder Learning is The Most Important Element A VC Can Assess
- 20VC: Why Most The Value In Crypto Will Accrue in Governance, When Institutional Capital Will Enter The Space and How To Think About Liquidity In Crypto with Joel Monegro, Founding Partner @ Placeholder.VC
- every mention in 2018, scene by scene →
One line per show, most statements first. The link opens Kyle's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| 20VCLEDGER | Co-Founder & Managing Partner, Multicoin Capital | 2 | 48 | 40% 2/5 | full record on 20VC → |
| CAPITAL ALLOCATORSLEDGER | Co-Founder & Managing Partner, Multicoin Capital | 1 | 17 | 67% 2/3 | full record on Capital Allocators → |
| ALL-INLEDGER | Co-Founder & Managing Partner, Multicoin Capital | 1 +1 | 16 | 50% 1/2 | full record on All-In → |