Multicoin Capital has confirmed that HYPE, the native token of decentralized derivatives platform Hyperliquid, is now the largest position in its cryptocurrency hedge fund.
The Austin, Texas-based investment firm, which manages approximately $2.7 billion in assets, disclosed the position through general partner Spencer Applebaum in comments reported on October 19, 2026. Applebaum said Multicoin accumulated HYPE through public-market purchases and generally holds liquid crypto investments with a multiyear horizon.
The disclosure marks a deliberate doubling down on digital assets even as rivals such as Paradigm and Framework Ventures widen their mandates to include artificial intelligence and robotics. Multicoin remains open to crypto projects supporting AI demand, such as its investment in Grass, but it has ruled out standalone AI or robotics bets.
Multicoin first outlined significant HYPE exposure in a June 25 research report, later describing the token as one of its largest liquid-fund holdings. Its thesis focuses on Hyperliquid's established derivatives trading activity, observable fee generation, and token buyback mechanism. In September, transfers of HYPE to Coinbase Prime drew scrutiny, but the firm noted that custody-related transfers do not prove a sale.
The firm is also still deploying a $422 million venture fund raised in January 2022. Deployment was slowed by the collapse of FTX and smaller startup rounds in subsequent years. Multicoin says it prefers to stay disciplined rather than expand into unrelated sectors solely to deploy capital.
