Shayon Sengupta
General Partner & Co-Head of Venture
Multicoin Capital
Shayon Sengupta is General Partner and Co-Head of Venture at Multicoin Capital. He joined in 2021 and was named Investment Partner in March 2023 and promoted to General Partner and Co-Head of Venture in March 2026.
He works across public and private markets. In public markets he drives thesis formation, asset coverage, and on-chain diligence. In private markets he identifies, sources, and leads deals across DePIN, compute, and on-chain infrastructure, and helps drive portfolio strategy across the firm’s funds. Alongside Spencer Applebaum and Tushar Jain, he was a primary author of the firm’s updated 2026 investment thesis. His writing covers on-chain market microstructure, internet labor markets, and decentralized physical infrastructure.
He studied Mathematics at the University of Chicago. Previously he worked at Abodewell, a quantitative market maker in residential real estate, and on the Strategy and Business Development team at SAP. He speaks regularly on podcasts and at industry events.
Selected investments
- Hyperliquid
HYPE is a large position in Multicoin’s liquid fund. Sengupta co-authored the public analysis published on June 25, 2026. He was instrumental in the investment.
- Jito
Multicoin has a significant position in JTO across its hedge and venture funds. Sengupta co-authored the public asset report published on March 4, 2025. He was instrumental in the investment.
- io.net
On March 5, 2024, Multicoin announced that it led the seed and participated in the Series A. Sengupta wrote the announcement.
- Geodnet
On February 25, 2025, Multicoin led an $8 million strategic acquisition of GEOD. Sengupta wrote the announcement. He was instrumental in the investment.
- Pyth
On December 14, 2023, Multicoin announced its investment in Pyth Network. Sengupta wrote the announcement.
- Solana
Multicoin has been investing in SOL and the Solana ecosystem since the seed round in May 2018. Sengupta was instrumental in the investment.
He was instrumental in several of the firm’s investments, including Dune, Drift, Fuse, fun.xyz, Geodnet, Helium, Hyperliquid, Jito, Kamino, LI.FI, Render, Sei, and Solana. The firm’s full list of investments is on the portfolio page.
Writing
- Hyperliquid (HYPE) Analysis & ValuationJune 25, 2026
- RWAs Are Just Built DifferentMarch 19, 2026
- Internet Labor MarketsMarch 10, 2026
- Adverse Selection Rules Everything Around MeFebruary 17, 2026
- ACE Is The Place With The Helpful Value CaptureFebruary 10, 2026
- Multicoin Capital’s Investment ThesisFebruary 6, 2026
- Jito (JTO) Asset ReportMarch 4, 2025
- Inverting The Human-Agent RelationshipJanuary 30, 2025
- Publisher-Exchanges: Consumer Applications and the Attention Theory of ValueMarch 12, 2024
- The DeFi StackNovember 24, 2020
Speaking
- Crypto’s Rebirth MomentLightspeed, March 10, 2026
- Internet Labor MarketSolana Accelerate APAC, Hong Kong, February 11, 2026
- Internet Labor MarketsMulticoin Summit, December 2025
- The Ultimate Jito ThesisLightspeed, March 28, 2025
- ICONs: Inference Via Crypto-Orchestrated NetworksMulticoin Summit, November 2024
- Exploring the Design Space of DePIN NetworksMulticoin Summit, September 2023