Multicoin Capital says HYPE is its largest hedge fund position and that it is staying focused on crypto while other firms move into AI.
Multicoin Capital has made HYPE the largest position in its hedge fund. The Austin-based firm manages about $2.7 billion, and it’s sticking with crypto while AI draws more and more investor attention.
According to Bloomberg, general partner Spencer Applebaum confirmed the position in Hyperliquid’s native token. He said the firm bought HYPE on the public market. He didn’t say how large the holding is. He also said Multicoin sees no good reason to drop crypto just because other firms are chasing AI.
Multicoin Isn’t Changing Course
Multicoin invests in crypto assets and blockchain startups. Several other venture firms, including Paradigm, Framework Ventures and Haun Ventures, have started investing in AI.
Applebaum said Multicoin won’t widen its mandate to cover standalone AI companies. It plans to keep looking for opportunities inside the crypto industry.
The firm is also taking longer than usual to put its latest venture fund to work. That fund was raised in 2022. Even so, there’s no sign the slower pace will change the firm’s long-term plan.
Multicoin Capital confirms $HYPE is the largest position in its hedge fund.
The firm manages approximately $2.7 billion in total assets, and its HYPE holdings were accumulated through open-market purchases.
The exact position size remains undisclosed.
What's interesting to me… https://t.co/L05sp01WSa
— HypedLaunches (@HypedLaunches) October 19, 2026
The HYPE position shows how much faith Multicoin has in Hyperliquid’s business model. Applebaum didn’t say what the stake is worth or what share of the fund it makes up.
Hyperliquid runs a decentralized trading platform built around derivatives. It aims to bring fast trading, open transactions and on-chain settlement together on a single network.
Hyperliquid Is Moving Beyond Crypto Trading
The network runs on HyperCore, which powers its on-chain order book and trading system. It also supports HyperEVM, where developers can build compatible apps.
HYPE does a few jobs on the network. It pays transaction fees and can be staked. Protocol fee mechanisms also feed into the token’s wider economics.
Hyperliquid has also drawn attention for moving into markets tied to traditional assets. Its HIP-3 framework lets others launch certain perpetual markets without permission, as long as they meet the platform’s requirements. Those markets could cover stocks, commodities and other assets. The goal is to let traders reach many financial markets through one blockchain-based system.
That growth isn’t guaranteed. It depends on trading demand, liquidity and regulation. A change in any of them could hurt revenue, token demand and investor confidence.
Multicoin published its Hyperliquid valuation analysis on June 25, 2026. It lays out the case for how much revenue the protocol could earn and what role HYPE plays as the ecosystem grows. Don’t read the firm’s valuation scenario as a price forecast. The numbers rest on assumptions about adoption, fees, competition and market conditions.
Why the HYPE Bet Makes Sense to Multicoin
Venture investors are now splitting their money between crypto and AI. AI is still pulling in huge amounts of capital, but Multicoin is staying with blockchain-based financial infrastructure.
Hyperliquid’s trading numbers help explain why. In 2025, the platform reportedly handled about $2.9 trillion in trading volume and earned around $873 million in revenue. That suggests heavy trading can produce real protocol revenue. Past results don’t promise future ones, though.
Its growth into new products and apps could also bring in more users, if the demand holds. But the project faces real hurdles, including rival exchanges and shifting regulatory rules. Its future depends on continued adoption and on its ability to keep liquidity deep.
In the end, the HYPE position shows what Multicoin prefers: established crypto infrastructure over a broad move into standalone AI. Some investors still see plenty of room to grow in decentralized financial markets.
Bilal Hassan is a seasoned crypto journalist with over five years of experience covering blockchain, digital assets, and global fintech trends. His work focuses on market developments, regulatory shifts, and the evolving landscape of cryptocurrency adoption worldwide.