E178: Tushar Jain, Multicoin CoFounder: The 3 Coins His Multi-Billion Dollar Fund Is Bullish On This Cycle

<p>Tushar Jain, Managing Partner at Multicoin Capital, breaks down why he believes the crypto market has already bottomed and is entering a new turning point, walking through his conviction plays on Solana, Hyperliquid, and Zcash. </p><p><br></p><p>He also opens up on Multicoin&#39;s biggest shakeup yet: co-founder Kyle Samani&#39;s exit from the firm and the industry.</p><p><br></p><p>THE SHIFT NEWSLETTER</p><p>💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter</p><p>___________</p><p>PARTNERS</p><p>🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/</p><p>💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT</p><p>🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.</p><p> Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h</p><p>🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/</p><p>⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/</p><p>♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com</p><p>___________</p><p>Follow Tushar Jain</p><p>• Twitter: https://x.com/tushar_jain</p><p>FOLLOW WHEN SHIFT HAPPENS</p><p>Twitter (X): https://x.com/KevinWSHPod  </p><p>Instagram:  https://www.instagram.com/kevinfollonier_ </p><p>TikTok: https://www.tiktok.com/@kevinfollonier_</p><p>Linkedin: https://www.linkedin.com/in/kevinfollonier/</p><p>Website: https://kevinfollonier.com/</p><p>DISCLAIMER</p><p>The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.</p><p>0:00 - Intro</p><p>1:31 - Who is Tushar Jain</p><p>3:44 - Are we at a crypto turning point?</p><p>4:57 - Buying into bad news before confirmation</p><p>6:24 - Buying vs. selling: which is harder</p><p>7:13 - Still bullish on Solana?</p><p>9:15 - TradFi issuers and credible neutrality</p><p>11:47 - Sponsors: Variational Bitwise</p><p>12:39 - How to size two competing bullish bets</p><p>14:13 - Category leader vs. &quot;better play&quot;</p><p>17:00 - Most obvious trade for 2026: Zcash</p><p>19:39 - What Zcash represents</p><p>22:27 - Valuing an asset with no revenue</p><p>24:18 - Trading framework vs. buy-and-hold</p><p>26:40 - Valuing Solana and Hyperliquid </p><p>31:45 - Sponsors: Kast, Trezor</p><p>32:54 - Timing entries in volatile assets</p><p>36:26 - Why Multicoin doesn&#39;t trade, only manages</p><p>39:25 - The four sources of investing edge</p><p>41:14 - Edge examples: Zcash, Hype, Ethena</p><p>43:21 - What Ethena represents</p><p>45:37 - How much founder quality matters</p><p>47:09 - When to take profits</p><p>49:50 - Thoughts on Ethereum</p><p>51:44 - Kyle leaving Multicoin</p><p>53:03 - Sponsors: Jupiter, Ethena</p><p>53:46 - Why Tushar is still in crypto</p><p>58:26 - Wrap-up and thanks</p><p>1:00:37 - Bonus segment intro - Zcash drama + Hyperliquid report</p><p>1:00:39 - What happened with the Zcash bug</p><p>1:04:13 - Zcash&#39;s fix: the Ironwood pool</p><p>1:05:50 - How long it took to decide to buy more</p><p>1:08:13 - Multicoin&#39;s Hyperliquid ($HYPE) report