Multicoin Capital has identified Hyperliquid’s HYPE token as its largest hedge fund position, reinforcing its commitment to cryptocurrency investments despite growing interest in artificial intelligence. The firm manages approximately $2.7 billion and sees its experience in digital assets as a competitive advantage. General partner Spencer Applebaum told Bloomberg that Multicoin acquired HYPE through public markets but declined to disclose its current allocation.
Multicoin Maintains Confidence in Hyperliquid
Multicoin previously disclosed significant HYPE exposure in June, when it described the token as a major liquid fund holding. Additionally, its investment thesis highlighted Hyperliquid’s potential to expand beyond cryptocurrency derivatives into commodities and equity indexes.
The firm’s June valuation model projected a potential HYPE price of $319 by 2028 under its base-case assumptions. However, that forecast depends on trading growth, market share, token supply, and regulatory developments.
Consequently, investors should distinguish these projections from guaranteed returns. Multicoin also identified governance, competition, dilution, and liquidation risks.
Crypto Firms Explore Broader Investment Opportunities
Meanwhile, several prominent venture capital firms have expanded their investment mandates. Paradigm raised $1.2 billion for investments spanning crypto, robotics, and other technology sectors.
Moreover, Framework Ventures secured $400 million, while Haun Ventures raised $1 billion. Unlike these broader strategies, Multicoin continues to prioritize cryptocurrency opportunities where it believes its expertise provides an advantage.
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