Spencer Applebaum@SpencerApplebau · 2026/07/22观点输出please stop dm'ing me asking if we unstaked to sell
the answer is no
AI:延续个人公开立场,强调长期主义、执行效率与行业方向判断。
Spencer Applebaum@SpencerApplebau · 2026/06/25赛道影响7/ Charlie munger once said
"one thing we’ve learned is, if it’s clear that something is a mistake, is to fix it quickly. It doesn’t get better while you wait"
Well we made a mistake and now we're admitting it and fixing it. Read it here - https://t.co/tA2kwWbG9Q
AI:偏主题投资表达,释放对基础设施与新叙事的偏多信号。
Spencer Applebaum@SpencerApplebau · 2026/06/25市场影响6/ At ~$63, HYPE trades at roughly 36x TTM earnings, or approximately 30x earnings including now-live Coinbase/USDC deal
Under our base case assumptions discussed in the full report, we project ~$8 billion in annual earnings by 2028, implying a price of ~$319 at a 20x multiple
AI:偏平台经营与生态扩张,强调交易平台和应用入口的长期位置。
Spencer Applebaum@SpencerApplebau · 2026/06/25观点输出1/ Today, @multicoin publishes our HYPE analysis and valuation
HYPE is now one of our largest liquid fund positions and we've been accumulating aggressively since February
Full report and disclosures in link. Link here -
https://t.co/tA2kwWbG9Q
AI:延续个人公开立场,强调长期主义、执行效率与行业方向判断。
Spencer Applebaum@SpencerApplebau · 2026/05/14观点输出Hyperliquid.
AI:延续个人公开立场,强调长期主义、执行效率与行业方向判断。
Spencer Applebaum@SpencerApplebau · 2026/05/01政策影响We have a pretty structured memo process at @multicoin for venture deals
The 2nd section is called "Why does this present compounding returns?" ie what are the moats and network effects
The section written for @fun memo was one of the most dense and compelling we've ever written
It's also the most buttery onboarding UX we've come across since the inception of the firm
So excited to be along for the ride with @AlexKFine and the rest of the team as they bring global payment rails to modern fintechs across web2 and web3
AI:偏政策推进,强调合规落地与规则明晰,对监管主线更敏感。
Spencer Applebaum@SpencerApplebau · 2026/04/30观点输出Thrilled to back the leading yield exchange on Solana. We've been talking about rate trading at Multicoin for ~5 years, and it's amazing to see someone as talented as @ttrofel is going after it
So excited to be on team Exponent and more to come from us on the thesis soon 👀
AI:延续个人公开立场,强调长期主义、执行效率与行业方向判断。
Spencer Applebaum@SpencerApplebau · 2026/03/30赛道影响Big opportunity over crypto rails to create derivatives contracts on specific business lines
Do you want to bet on Disney increasing park attendance but hate + streaming & don't want to own DIS?
should be a market for that (reach out if you're building this)
h/t @tushar_jain
AI:偏主题投资表达,释放对基础设施与新叙事的偏多信号。
Spencer Applebaum@SpencerApplebau · 2026/03/24观点输出Excited to share that I've been promoted to General Partner and Co-Head of Venture at Multicoin Capital alongside the best colleague anyone could ask for @shayonsengupta
https://t.co/sR56Z2L04i
AI:延续个人公开立场,强调长期主义、执行效率与行业方向判断。
Spencer Applebaum@SpencerApplebau · 2026/02/17政策影响Multicoin's second blog post in our market structure series is out! Covers adverse selection in DeFi and how to combat
These microstructure opps are nuanced & critical, & getting them right can get venture scale outcomes. Reach out, we'd like to chat!
https://t.co/DYOE6viSxy
AI:偏政策推进,强调合规落地与规则明晰,对监管主线更敏感。
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