Written by: Eric, Foresight News
In 2022, due to the sudden collapse of FTX, the fund under Multicoin Capital suffered a loss of 91.4% because of the significant devaluation of SOL.
Looking back today, 2022 may have been the darkest moment for Multicoin Capital. Later, as SOL warmed up and reached new highs, Multicoin Capital regained its reputation. According to data released by Nansen in January this year, among the confirmed investment institution holding addresses, the Multicoin Capital address starting with 0x2b0a boasts a profit of 17.84 million dollars in the second half of 2025.
Although a single address may not provide insights into the actual overall profits of Multicoin Capital, it is enough to indicate that the strength of this investment institution in terms of investments cannot be underestimated. From the end of 2025 to mid-2026, Multicoin Capital presented a mixed report card: it reaped considerable gains on popular tokens HYPE and ZEC, while also experiencing setbacks with AAVE and ENA.
Due to ZEC's privacy transaction characteristics, the ZEC holdings of Multicoin Capital cannot be tracked. In May of this year, Tushar Jain, co-founder and managing partner of Multicoin Capital, stated that the firm had established a significant position in ZEC since February.
According to TradingView market information, the price of ZEC fluctuated between 200 and 350 dollars from February to April this year, then surged to nearly 700 dollars in May, and the current price remains above 500 dollars. The overall cost of Multicoin Capital's ZEC holdings is unknown, but even if we calculate at a price of 350 dollars, the return exceeds 40%.
In comparison to ZEC, the investment situation of HYPE is relatively clear.
According to on-chain data analyst Yu Jin's monitoring, a suspected Multicoin Capital HYPE holding address starting with 0xaB3 transferred 395,000 HYPE to Coinbase early yesterday morning Beijing time and applied to redeem 211,000 HYPE staked on Hyperliquid. This portion of the holdings was bought through OTC about five months ago when HYPE was around 30 dollars, and thereafter, aside from staking, there were no additional actions.
In May of this year, Onchain Lens monitored three addresses related to Multicoin Capital that staked approximately 1.96 million HYPE, with 2.83 million HYPE remaining in the wallets, totaling approximately 4.8 million HYPE.
Taking the address starting with 0x76d as an example, the three addresses concentrated on buying HYPE five to three months ago and began to sell a portion since one month ago. From the on-chain information collected so far, it appears that Multicoin Capital bought at least 5.5 million HYPE and has sold more than half of the holdings to date. Expected profits are at least over 70 million dollars.
Although Tushar Jain, managing partner of Multicoin Capital, stated that the reason for unstaking is to transfer tokens to prevent continuous tracking, based on on-chain information, aside from some tokens being transferred to new addresses, many were directly sent to Galaxy Digital's deposit address, likely for sale.
Combining Multicoin Capital's previous statements on the timing of ZEC's accumulation, it can be inferred that Multicoin likely concentrated investments in tokens including ZEC and HYPE between February and April this year, two months after Bitcoin fell to 60,000 dollars. This aligns with Tushar Jain’s assertion during a July interview that the cryptocurrency market had bottomed out.
However, looking at the selling situation, they do not seem as confident about having "already bottomed out."
Multicoin Capital's bottom-fishing in ZEC and HYPE this year has undoubtedly been successful, but at the same time, they have also started to stop losses for "last year's impulse."
Multicoin began purchasing AAVE in early October 2025 and completed the accumulation of at least 338,000 AAVE by the end of November. According to Yu Jin's statistics, the average cost of this portion of AAVE holdings is about 219 dollars.
However, on May 14, 15, and 16 of this year, this address quickly liquidated all AAVE holdings. Based on AAVE's prices during those three days, the selling average is expected to be around 95 dollars, resulting in an overall loss exceeding 35 million dollars.
Additionally, in November 2025, Multicoin Capital co-founder Kyle Samani tweeted that they had established a "large position" in ENA in 2025.
We do not know how large the "large position" actually is, but at least one address holding over 56 million ENA concentrated on liquidating all ENA holdings on June 5 of this year.
According to Etherscan, this portion of holdings was concentrated bought on October 15, 2025, when the price of ENA was around 0.44 dollars. By the time of selling on June 5 this year, the price of ENA had fallen below 0.1 dollars. The estimated loss from this investment is close to 20 million dollars.
From the end of last year to the first half of this year, Multicoin Capital also operated with tokens like SOL and WLD, but for now, only holding statuses are available, making it impossible to calculate profits or losses. Overall, this year's secondary speculation in privacy concepts and Hyperliquid's revival were both seized by Multicoin Capital at relatively low points, but the investments in AAVE and ENA, which represent new and old DeFi at the end of last year, misjudged the overall market direction and overestimated the potential of these projects.
Although Aave and Ethena did indeed see good development during this period, the gains from development did not ultimately benefit token holders' rights. After the speculation around concepts and narratives ended, there was no real driving force to push the prices further up, or even to maintain the status quo.
From the currently recorded operations on HYPE, AAVE, and ENA, Multicoin Capital still has over 15 million dollars in profits. This investment institution's style has always been to place heavy bets on favored assets, but with profits and losses stemming from the same source, large fluctuations have resulted in hundreds of millions of dollars in investment yielding no more than 20 million dollars in profit, which does not qualify as an absolute good news.
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