Key Solana Backer Quits Amid Market Crash

Kyle Samani, the co-founder of Multicoin Capital, has announced he is leaving the firm.

The departure comes amid a major market crash, which makes it rather notable. 

However, it should be noted that Samani had pushed back against the narrative that he is capitulating.

A sudden exit 

After spending nearly a decade building Multicoin with highly aggressive bets on Solana (SOL), Samani described the decision to call it quits as “bittersweet.”

“My time at Multicoin has been some of the most meaningful and rewarding of my life,” Samani wrote. “That said, I am excited to take some time off and explore new areas of technology.”

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At the same time, he expressed full confidence in the remaining leadership team, including co-founder Tushar Jain and other partners. Samani has described them as “some of the best investors and operators in the world.”

Not selling 

Samani went to great lengths to clarify that he is not giving up on Solana itself despite the sudden exit. 

He has announced he has requested an “in-kind redemption” in shares and warrants of Forward Industries (FWDI) instead of redeeming his stake in Multicoin’s Master Fund for cash. 

Forward is a publicly traded entity where Samani serves as Chairman. It functions as a crypto-native holding company with substantial exposure to the Solana ecosystem.

“To be absolutely crystal clear,” Samani stressed, “I am still mega long SOL, mega long crypto, and will continue to be involved in crypto both in my personal capacity, and as Chairman of Forward.”