Multicoin Capital Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Multicoin Capital Management, LLC reported 4 stock positions worth $114.4 million. Its top holding was Forward Industries (FWDI) at 45.9% of the portfolio, followed by Bitwise Solana Staking ETF (BSOL, 27.1%) and Grayscale Bitcoin Trust ETF (GBTC, 18.1%). Compared with Q3 2025, it opened 1 new position and reduced 1. The biggest buy was a new position in Bitwise Solana Staking ETF (BSOL) and the biggest sale Grayscale Bitcoin Trust ETF (GBTC, shares −77%).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0002017172
Portfolio Value
$114.4M (Q4 2025)
SEC Filing
0002017172-26-000001 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $114.4M $114.4M Q4 2025 Q1 2026: $75.9M Q1 2026 Q2 2026: $165.1M Q2 2026

Holdings 4 stocks · $114.4M
FWDI Forward Industries Inc. 45.91% 7,947,843 $52.5M No change
BSOL Bitwise Solana Staking ETF 27.09% 1,890,000 $31.0M New
GBTC Grayscale Bitcoin Trust ETF 18.06% 302,251 $20.7M Reduce -77.1%
BTC Grayscale Bitcoin Mini ETF 8.95% 264,361 $10.2M No change

Portfolio Sells Q3 2025 → Q4 2025
GBTC Grayscale Bitcoin Trust ETF Reduce -77.1% 18.06% −25.20

Portfolio Buys Q3 2025 → Q4 2025
BSOL Bitwise Solana Staking ETF New 27.09% +27.09

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