Spencer Applebaum
General Partner & Co-Head of Venture
Multicoin Capital
Spencer Applebaum is General Partner and Co-Head of Venture at Multicoin Capital. One of the firm’s first hires, he joined in early 2018. He was named Investment Partner in March 2023 and promoted to General Partner and Co-Head of Venture in March 2026.
He works across public and private markets. In public markets he drives thesis formation, asset coverage, and on-chain diligence. In private markets he drives underwriting and negotiating for the firm’s funds, and leads deals across DeFi, DePIN infrastructure, and crypto-consumer applications. He was one of the key architects of the firm’s updated 2026 investment thesis.
He studied Accounting and Economics at Miami University. He lives and works in New York City, speaks regularly on podcasts and at industry events, and contributes to various industry groups.
Selected investments
- Hyperliquid
HYPE is a large position in Multicoin’s liquid fund. Applebaum was the primary champion of the investment. He published a public analysis on June 25, 2026.
- Solana
Multicoin has been investing in SOL and the Solana ecosystem since the seed round in May 2018. Applebaum was instrumental in the investment.
- Dune
On August 12, 2021, Multicoin invested in Dune Analytics’ $8 million Series A, after participating in the seed. Applebaum was instrumental in the investment.
- fun.xyz
On May 1, 2026, Multicoin co-led a $72 million Series A. As Applebaum noted at the time, Multicoin has led two rounds in fun.xyz.
- BAXUS
On May 3, 2024, Multicoin led a $5 million seed. Applebaum announced the round.
- Jito
Multicoin has a significant position in JTO across its hedge and venture funds. Applebaum was instrumental in the investment.
He was instrumental in several of the firm’s investments, including Fuse, Geodnet, Helium, Jito, Kamino, Render, and Sei. The firm’s full list of investments is on the portfolio page.
Writing
- Multicoin Capital’s Investment ThesisFebruary 6, 2026
- Hyperliquid (HYPE) Analysis & ValuationJune 25, 2026
- ACE Is The Place With The Helpful Value CaptureFebruary 10, 2026
- Adverse Selection Rules Everything Around MeFebruary 17, 2026
- Specialized Stablecoin FintechsDecember 10, 2025
- Drift ($DRIFT) Analysis and ValuationSeptember 10, 2024
- Unbundling Sotheby’sMay 3, 2024
- The DeFi StackNovember 24, 2020
Speaking
- Value Capture and Defensibility in DeFiMulticoin Summit, October 10, 2023
- Improving Capital Efficiency in DeFiMulticoin Summit, November 2024
- The Opportunities for Specialized Stablecoin FintechsMulticoin Summit, December 11, 2025
- Crypto’s Rebirth MomentLightspeed, March 10, 2026
- Multicoin’s Crypto Mega Thesis 2.0DAS New York, March 26, 2026
- Bermuda Digital Finance ForumHamilton, May 14, 2026
- Digital Assets’ Next Big MoveSALT Digital Finance Forum, June 3, 2026
- Multicoin’s HYPE ThesisHyperliquid Summit, 2026
- Out East SummitThe TIE, July 20, 2026
- TOKEN2049 DubaiApril 21, 2027, upcoming