Multicoin partners question how burned $800 million in two years

On June 3, Multicoin partner Kyle Samani published a tweet saying that if raised $4 billion through ICO and now has $3.2 billion in assets on its balance sheet, how would the 200-employee company Spend $800 million in cash in two years? has invested $180 million in venture capital, but this is not an expense. Even if the book assets of these investments are written down to zero, the time is not enough. Jonathan Marcus, co-founder of, said that of the $800 million that spent, at least $530 million was spent on share buybacks because had two share buybacks in the past two years. It cost $300 million at a time and recently repurchased a $230 million stake.