Multicoin Capital reveals Hyperliquid’s HYPE as largest hedge fund holding

Multicoin Capital has identified Hyperliquid ’s HYPE token as the largest position in its hedge fund, reinforcing its dedication to cryptocurrency investments despite a challenging competitive landscape. The disclosure comes as several major venture capital firms shift their focus toward artificial intelligence and robotics. Spencer Applebaum, general partner and co-head of venture investments at Multicoin Capital, confirmed the firm’s significant HYPE holdings in an interview with Bloomberg on October 19. Multicoin Capital oversees approximately $2.7 billion in assets, and has steadily accumulated its HYPE stake on the public market, rather than through private token distributions. The firm revealed in June that it began acquiring a sizable HYPE position earlier in 2026 and continued adding to its allocation in subsequent months.

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