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

The $2.7 billion Austin firm says chasing AI and robotics deals would dull the edge it has spent years building in digital assets 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. 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.

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