Multicoin Capital skips the AI gold rush and doubles down on crypto

Every investor in tech seems to be sprinting toward artificial intelligence. Multicoin Capital Management is staying put. The Austin-based venture firm, which manages $2.7 billion in assets, is betting that its depth in digital assets is worth more than a fresh AI mandate. Why Multicoin is passing on pure AI General Partner Spencer Applebaum laid out the reasoning in a Bloomberg interview published on October 19, 2026. The short version: Multicoin has historically not invested in pure AI or robotics, and it does not plan to start now. His argument is about competitive advantage. A venture firm’s edge comes from two things: finding deals before others do, and judging them better once found. Applebaum believes that branching into AI would weaken both of those advantages inside digital assets. Spread attention across too many sectors, and the specialist starts to look like a generalist. Competitors such as Paradigm and Framework Ventures have broadened their mandates to include AI and robotics. The funds behind the strategy Multicoin’s venture arm is still working through capital it raised years ago. In January 2022, the firm closed a $422 million venture fund. That fund has been depl...