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