Multicoin Capital's annual investor letter shows that since 2017, the hedge fund focused on cryptocurrency has brought a return of 9281% to its first batch of investors. This return is enough to make up for Multicoin Capital's previous loss of 91.4% in 2022.

Multicoin executives Tushar Jain, Kyle Samani, and Matt Shapiro stated in the letter that in 2023, cryptocurrency did what it does best and once again defeated death. The market rebounded in an astonishing way, and our hedge fund was able to capture the market's reaction, significantly outperforming the market.