According to TheBlock, Multicoin Capital, a top-tier crypto venture capital firm, has revealed its more than $25 million stake in FTX via its $430 million venture fund, according to a letter obtained by The Block.

The crypto venture capital firm's third venture fund invested $25 million into FTX US, according to the correspondence, which said it represented 5.8% of the fund.

Multicoin announced the $430 million fund in July. At the time, it told The Block that its founders, Kyle Samani and Tushar Jain, were the biggest LPs in the fund, along with other unnamed institutional backers.

"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," referring to the venture fund, said the letter.