Multicoin Names HYPE Its Largest Hedge Fund Holding

Hyperliquid’s HYPE token is now the biggest position in Multicoin Capital’s hedge fund, the firm’s general partner Spencer Applebaum told Bloomberg on Monday, Coincentral reported. Multicoin accumulated the token through public markets but declined to disclose the size of the holding.

Applebaum said the firm intends to keep putting money into digital assets and questioned attempts to force a link between blockchain networks and artificial intelligence. The disclosure landed the same day the Hyperliquid Policy Center filed a comment letter with the SEC.

Key facts

• Multicoin holds roughly $2.7 billion in assets, according to Crypto.news, which cited Cryptobriefing’s Bloomberg summary for the framework.
• Multicoin first flagged its HYPE stake in a June 25 post, calling it “one of the largest positions in our liquid fund,” and said buying began early in 2026.
• Its June research set a base-case HYPE price of $319 for 2028, with a $109 bear case and a $689 bull case.
• Lookonchain tracked a Sept. 24 deposit of 130,331 HYPE, valued at $12.15 million, to Coinbase Prime from a Multicoin-linked address; the deposits do not confirm sales.
• The Hyperliquid Policy Center’s letter backs the proposed Regulation Crypto Assets framework and adds five suggestions.

An early 2026 position grows into the top slot

Multicoin’s June post, written by Applebaum with Shayon Sengupta and Tushar Jain, argued that Hyperliquid’s exchange could move beyond crypto derivatives into other financial markets, pointing to HIP-3 markets for commodities and equity indexes. Crypto.news noted that the firm began accumulating in February and adopted a three-day no-trade policy after publishing the research. Applebaum told Bloomberg the firm generally holds publicly traded assets for several years.

The June model produced a $160 billion valuation by applying a 20-times multiple to roughly $8 billion in projected 2028 annual earnings, then dividing by an adjusted supply of 502 million tokens. Crypto.news said those three price scenarios were June investment assumptions, not realized returns or fresh October forecasts.

Cryptobriefing put HYPE near $79 with a market cap between $17.5 billion and $20.1 billion, about 17% to 20% below an all-time high of $98. Coincentral described a bounce near $76.8 support after a weekend dip, with $66.2 below and $83.7 as resistance above; RSI was at 38 and the Stochastic at 11.

Airdrop rules and a rival’s AI pivot

The Hyperliquid Policy Center asked the SEC to write its March airdrop interpretation into the final rule, arguing that recipients who pay nothing have not made an investment. It said operating a network, running a validator or supplying liquidity should not automatically create an investment contract, and that connecting a wallet or passing sanctions screening should not count as payment. On safe harbor, the group said the proposed certification could expose projects to legal liability, stating that a project whose counsel concluded no investment contract ever existed cannot reasonably certify otherwise.

Multicoin’s crypto-first stance contrasts with Paradigm, which Crypto.news reported raised a $1.2 billion fourth fund on July 8 that will invest across crypto, AI and robotics while continuing to back market-infrastructure companies. The two firms’ approaches differ in emphasis rather than in any disclosed portfolio figure.

Why it matters

A $2.7 billion manager calling HYPE its largest hedge fund holding gives the token a signal of institutional conviction, even without a position size. It also sharpens the split between crypto specialists staying concentrated and larger venture funds spreading into AI. The policy letter matters separately: airdrop treatment and safe-harbor certification affect how token projects launch under US rules.

What to watch

The immediate reference point is the $76.8 support level; a break opens $66.2, while bulls need a close above $83.7 to test $88.20. Traders will also watch whether the SEC incorporates the Hyperliquid Policy Center’s suggestions into its final crypto rule, and whether any future Multicoin disclosure clarifies the position’s weight.

This is not financial advice; crypto markets are volatile and price levels can shift quickly.

Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.

Sources: CoinCentral, Cryptobriefing, Crypto.news