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.

"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.

Along with the $25 million investment into FTX US, the venture fund also held approximately $2 million on FTX International. It said it held these funds as some of its investments were funded by sending USDC over crypto rails on the exchange rather than via USD wire.(by Tom Matsuda and Frank Chaparro)