Multicoin Capital Invests in Grass as Network Reports Revenue Growth

What happened

Multicoin Capital invested in Grass, a decentralized bandwidth network, through its hedge fund and venture fund, partner Shayon Sengupta said on September 29. Grass said it is profitable, reported $17 million in 2025 revenue and $17 million in the first half of 2026, with more than 6 million contributors earning dollar-denominated rewards.

Confirmed

Global impact / market context

The investment shows some venture investors still fund crypto incentive models that pay contributors for idle bandwidth, which means Grass turns unused internet connections into revenue. That may encourage more spending on similar networks and change how investors judge whether such projects are real businesses.

Analyst inference

Grass is positioning itself as a read layer for machine intelligence, which means it supplies data to AI systems that scan the public internet. Revenue from AI customers and repeat business suggests demand for such data access is growing, even as many crypto projects struggle to show real paying users.

Analyst inference

What to watch

1. Grass reported $17 million in revenue in 2025 and another $17 million in the first half of 2026, with nearly all AI customers returning, so watch whether that customer retention continues. Confirmed
2. Multicoin said it invested through both its hedge fund and venture fund, so watch whether the firm proposes more capital, partnerships, or token-related arrangements that change Grass's operations. Proposed
3. If more AI customers buy Grass data access, contributor rewards could keep rising, but slower demand or falling crypto prices could reduce revenue needed to fund those dollar-denominated payouts. Analyst inference

Evidence

• binance.com