Multicoin Capital's third venture fund invested $25 million into FTX US, according to the correspondence, which said it represented 5.8% of the fund.
"This position will be assessed at the end of Q4 in accordance with VF3's valuation policy, at which time we will determine if a markdown is appropriate." said the letter.
Multicoin announced the $430 million fund in July. Its founders, Kyle Samani and Tushar Jain, were the biggest LPs in the fund, along with other unnamed institutional backers.