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

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. He also opens up on Multicoin's biggest shakeup yet: co-founder Kyle Samani's exit from the firm and the industry.THE SHIFT NEWSLETTER💡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___________PARTNERS🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/💳 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🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence. Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/⚖️ 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/♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com___________Follow Tushar Jain• Twitter: https://x.com/tushar_jainFOLLOW WHEN SHIFT HAPPENSTwitter (X): https://x.com/KevinWSHPod  Instagram:  https://www.instagram.com/kevinfollonier_ TikTok: https://www.tiktok.com/@kevinfollonier_Linkedin: https://www.linkedin.com/in/kevinfollonier/Website: https://kevinfollonier.com/DISCLAIMERThe 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.0:00 - Intro1:31 - Who is Tushar Jain3:44 - Are we at a crypto turning point?4:57 - Buying into bad news before confirmation6:24 - Buying vs. selling: which is harder7:13 - Still bullish on Solana?9:15 - TradFi issuers and credible neutrality11:47 - Sponsors: Variational Bitwise12:39 - How to size two competing bullish bets14:13 - Category leader vs. "better play"17:00 - Most obvious trade for 2026: Zcash19:39 - What Zcash represents22:27 - Valuing an asset with no revenue24:18 - Trading framework vs. buy-and-hold26:40 - Valuing Solana and Hyperliquid 31:45 - Sponsors: Kast, Trezor32:54 - Timing entries in volatile assets36:26 - Why Multicoin doesn't trade, only manages39:25 - The four sources of investing edge41:14 - Edge examples: Zcash, Hype, Ethena43:21 - What Ethena represents45:37 - How much founder quality matters47:09 - When to take profits49:50 - Thoughts on Ethereum51:44 - Kyle leaving Multicoin53:03 - Sponsors: Jupiter, Ethena53:46 - Why Tushar is still in crypto58:26 - Wrap-up and thanks1:00:37 - Bonus segment intro - Zcash drama + Hyperliquid report1:00:39 - What happened with the Zcash bug1:04:13 - Zcash's fix: the Ironwood pool1:05:50 - How long it took to decide to buy more1:08:13 - Multicoin's Hyperliquid ($HYPE) report1:09:55 - Base case: $319 price target, key assumptions1:15:21 - Is the crypto bottom in?1:18:11 - Closing thanks