Kyle Samani’s departure from Multicoin Capital has sparked debate. In a personal post, former partner Mable — now founder of Trends — argues that Kyle didn’t lose interest in crypto; the game he excels at has changed. When non-consensus bets become consensus, he chose to pivot to a field that excites him more.
Kyle’s Playbook: Betting Against Consensus
Mable describes Kyle’s core strategy: first construct a theory, then find projects that fit, and stubbornly wait for the thesis to play out. He did this with Solana, leading multiple funding rounds and even participating in discounted OTC rounds long after mainnet beta launched, all to build a “NASDAQ on chain.” This approach is fundamentally about finding asymmetric opportunities. “Haseeb is right: no one is better at this than Kyle,” Mable wrote.
Why Multicoin “Missed” Perp DEXs
Critics note Multicoin didn’t back any leading perpetual DEX this cycle. Mable clarifies that the firm studied every perp DEX early on, weighing design trade-offs. But eventually these bets became too mainstream. “Consensus bets hold zero appeal for Kyle. That was never his game.” Running a fund strictly for LPs’ returns no longer aligned with his interests.
Kyle’s Next Move: A Data-Focused Firm
Mable reveals Kyle has shown interest in running a data company — something no one has successfully done before. She discussed this in a podcast with him. She believes there are still plenty of asymmetric opportunities globally, and Kyle knows his game well enough to focus on it.
Multicoin’s Remaining Edge: On-Chain Trading, AI, and Compliance
Many worry about Multicoin without Kyle. Mable points to the rest of the team — Tushar, Brian, Spencer, Shayon, and others — whose strengths lie in on-chain trading, artificial intelligence, and compliance. If they execute right, the firm remains top-tier.
Mable’s Own Path: Building an Asset Generation Protocol
Having left Multicoin, Mable is now building @trendsdotfun, an asset generation protocol. She argues that in a hyper-commoditized world, money is the only scarce resource to express opinions — and soon even money may not matter. “Kyle and I never had to agree on what game to play. We just wish each other well and cheer from the sidelines.”