Bloomberg: Crypto fund Multicoin Capital, with $2.7 billion in assets, declined to invest in AI, sticking with its crypto bet.

Crypto venture fund Multicoin Capital does not plan to expand its investment strategy to include AI startups, despite competitors’ growing interest in artificial intelligence.

The Austin-based firm manages $2.7 billion in assets and continues to focus on cryptocurrencies and blockchain projects. According to general partner Spencer Applebaum, specializing in digital assets gives the fund an advantage in finding promising companies.

Meanwhile, Multicoin Capital is deploying capital from its latest venture fund, raised in 2022, at a slower pace, but has no intention of changing its strategy to capitalize on the AI boom.