Multicoin Capital hit by FTX collapse, with 10% of its fund's AUM stuck on the exchange

Quick Take

  • Multicoin Capital is significantly impacted by FTX’s collapse, a letter obtained by The Block shows.
  • Around 10% of Multicoin Master Fund’s total AUM is stuck at the crypto exchange, per the letter.

Multicoin Capital, one of the top crypto-focused venture capital firms, is significantly impacted by crypto exchange FTX's collapse, a letter obtained by The Block shows.

The letter, sent Tuesday by Multicoin Capital managing partners Kyle Samani and Tushar Jain to partners of the firm's "Master Fund," shows that around 10% of the fund's total assets under management (AUM) are still pending withdrawals on FTX.

"Unfortunately, we were not able to withdraw all of the Fund's assets on FTX," the letter reads. "Assets including BTC, ETH, and USD are pending withdrawal and represent approximately 15.6% of the assets in the Fund (excluding side pockets) and approximately 9.7% of total Fund AUM."

Before FTX halted withdrawals on Tuesday, Multicoin Capital was able to withdraw around 24% of the fund’s assets that were held on the exchange, according to the letter. The letter does not mention dollar figures corresponding to the percentages. Multicoin Capital did not respond to The Block's request for comment by press time.

Direct exposure 

FTX is one of the three exchanges the Multicoin Master Fund trades on, along with Coinbase and Binance, according to the le