Multicoin Capital has no plans to invest in standalone AI companies, general partner Spencer Applebaum told Bloomberg. The firm, which manages about $2.7 billion, has never made a pure AI investment and intends to stay focused on crypto even as some rivals expand into AI and robotics.
Applebaum said Hyperliquid’s HYPE is the largest position in Multicoin’s hedge fund; the firm bought the tokens on the open market. Multicoin is also taking longer to invest its $422 million venture fund, raised in 2022. Applebaum said lower valuations after FTX’s collapse slowed its deployment.
