Multicoin Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Multicoin Capital Management, LLC reported 3 stock positions worth $274.3 million. Its top holding was Forward Industries (FWDI) at 51.9% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 43.3%) and Grayscale Bitcoin Mini ETF (BTC, 4.9%). Compared with Q2 2025, it opened 1 new position. The biggest buy was a new position in Forward Industries (FWDI).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0002017172
Portfolio Value
$274.3M (Q3 2025)
SEC Filing
0002017172-25-000012 ↗ filed Nov 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $300.9M Q1 2024 Q2 2024: $308.0M Q2 2024 Q3 2024: $264.4M Q3 2024 Q4 2024: $374.0M Q4 2024 Q1 2025: $95.8M Q1 2025 Q2 2025: $124.8M Q2 2025 Q3 2025: $274.3M $274.3M Q3 2025 Q4 2025: $114.4M Q4 2025 Q1 2026: $75.9M Q1 2026 Q2 2026: $165.1M Q2 2026

Holdings 3 stocks · $274.3M
FWDI Forward Industries Inc. 51.86% 7,947,843 $142.3M New
GBTC Grayscale Bitcoin Trust ETF 43.26% 1,321,808 $118.7M No change
BTC Grayscale Bitcoin Mini ETF 4.88% 264,361 $13.4M No change

Portfolio Sells Q2 2025 → Q3 2025
None this quarter.

Portfolio Buys Q2 2025 → Q3 2025
FWDI Forward Industries Inc. New 51.86% +51.86

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 2$165.1MHOOD, BSOL
Q1 2026 3$75.9MHOOD, BSOL, FWDI
Q4 2025 4$114.4MFWDI, BSOL, GBTC, BTC
Q3 2025 3$274.3MFWDI, GBTC, BTC
Q2 2025 2$124.8MGBTC, BTC
Q1 2025 2$95.8MGBTC, BTC
Q4 2024 3$374.0MCOIN, GBTC, BTC
Q3 2024 3$264.4MCOIN, GBTC, BTC
Q2 2024Amended 3$308.0MCOIN, GBTC, FOUR
Q1 2024Amended 3$300.9MCOIN, GBTC, FOUR