Kyle Samani, co-founder of Multicoin Capital, has announced that he is stepping back from his day-to-day role at the firm. After nearly a decade operating at the center of the digital asset industry, Samani plans to dedicate time to “explore emerging technology.” The move comes during a volatile period for both markets and sentiment, prompting a wide range of reactions across the industry.
Samani described the decision as “bittersweet”. He framed his departure not as a rejection of crypto, but as a personal transition. While he has stepped back from management responsibilities at Multicoin, he will continue to advise the firm. He also confirmed that he will remain chairman of Forward Industries, the largest publicly listed Solana treasury company.
Stepping Back but Remaining “Bullish on Multicoin”
Samani co-founded Multicoin Capital with Tushar Jain in 2017, when institutional interest in crypto was still limited and fragmented.
Multicoin gained prominence through a series of early bets that later defined entire sectors of the industry. Among those, none proved more consequential than Solana. Between 2018 and 2021, Multicoin led Solana’s first three funding rounds. Samani personally emerged as one of the network’s most vocal advocates, promoting its performance-driven design and its emphasis on increasing bandwidth and reducing latency. His evangelism helped frame Solana as a credible alternative to Ethereum at a time when many investors dismissed it as too ambitious or technically risky.
As Solana grew from an experimental Layer 1 into one of the largest blockchain ecosystems by market capitalization and activity, Samani’s reputation rose alongside it. For supporters, he embodied a rare combination of technical understanding, macro awareness, and conviction. For critics, he symbolized the aggressive, thesis-driven style of crypto venture capital that often amplified volatility and tribalism.
In a post announcing his transition, Samani said he had decided to step back from Multicoin to take time off and explore new areas of technology. He emphasized that his years at the firm ranked among the most meaningful of his life. At the same time, he said his interests had expanded beyond crypto into fields such as artificial intelligence, longevity research, and robotics.
According to a letter sent to Multicoin’s partners, Samani has moved into an advisory role and will no longer manage day-to-day operations. He also plans to remain involved with portfolio companies in a personal capacity and will continue to serve on Zama's board.
Despite stepping back, Samani reiterated his long-term belief in crypto’s role in reshaping finance. He stated that he remains confident that digital assets will fundamentally rewire financial infrastructure and that he intends to continue making personal investments in crypto and to support Multicoin-backed projects. His decision to remain chairman of Forward Industries reinforces that message.
Forward Industries became a focal point of attention in September 2025, when it fully pivoted to a Solana-based digital asset treasury strategy. The company raised $1.65 billion through a private investment in public equity round led by Multicoin, Jump Crypto, and Galaxy Digital. Samani personally invested $25 million in the round and assumed the role of chairman.
The U.S.-listed company currently holds approximately 6.97 million $SOL and has generated more than 133,000 $SOL in staking rewards. Samani disclosed that, as part of a planned redemption from Multicoin’s Master Fund, he intends to request an in-kind distribution in Forward Industries shares and warrants rather than cash. He said he expects this process to significantly increase his personal economic exposure to Forward and, by extension, Solana.
Accusations and Speculation around Forward Industries
Samani’s continued involvement with Forward Industries has also fueled speculation and criticism. Some commentators on social media have accused him of using the company as an exit strategy, alleging that the Solana treasury structure allowed him to reduce exposure at favorable prices.
Others have tied his departure from Multicoin to recent price weakness in $SOL or to onchain activity involving fund wallets.
In one widely circulated claim, observers suggested that limited partner redemptions had begun before Samani’s announcement and that these redemptions contributed to unusual $SOL flows.
Samani responded directly, saying critics misunderstood how venture fund redemptions work.
Additional accusations linked his departure to unrelated trading activity, including claims that Multicoin had rotated assets into other tokens shortly before the announcement.
Samani did not engage with every allegation, but his public statements emphasized that he aimed to increase, not decrease, his exposure to Solana through Forward Industries.
Complicating the narrative, Samani briefly posted and later deleted a message that struck a more critical tone toward the crypto industry. In that post, he said he no longer found crypto as interesting as he once did and argued that blockchains primarily function as asset ledgers rather than as platforms for a wide range of decentralized applications. He maintained conviction in crypto’s financial impact and in areas such as on-chain confidentiality, but the comments contrasted sharply with his otherwise bullish messaging.
The deleted post fueled speculation that Samani had lost faith in the industry. He later pushed back on that interpretation, saying he had not lost conviction and simply wanted to explore other areas.
Industry reaction
Reaction to Samani’s announcement has ranged from praise to concern. Solana co-founders Raj Gokal and Anatoly Yakovenko both had stellar words to describe Samani’s time at Multicoin, calling it “an epic run” and “legendary,” respectively.
Several industry figures, including Harrison Seletsky, Director of Business Development at SPACE ID, and Simon Dedic, Founder and Managing Partner at Moonrock Capital, described his departure from day-to-day investing as a major inflection point.
Supporters pointed to his track record and argued that losing experienced investors signals deeper structural issues within crypto. Others countered that stepping back during a downturn does not necessarily reflect on the industry but more on the individual.
The discussion has expanded beyond Samani himself to questions about crypto’s maturation. Simon Dedic, Founder and Managing Partner at Moonrock Capital, called for a change in the industry “before many more key people leave.”
Solana Price Action & Market Context
Samani’s transition coincides with a sharp pullback in Solana’s price. At the time of writing, $SOL is trading below $85, down 8.5% over 24 hours. The token has fallen roughly 27% over the past week and 40% over the past month, retracing about 70% from its all-time high of $293.
Despite the decline, network activity remains strong. Solana has surpassed Ethereum in seven-day perpetual futures trading volume.
The network also continues to lead all Layer 1 and Layer 2 networks in daily Dapp revenue and DEX volume.
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