Key points
- HYPE has become the largest position in Mult's token issuance at Capital hedge fund.
- The company, which manages approximately $2.7 billion in assets, maintains its focus on cryptocurrency investments.
- The Mult token issuance previously proposed a valuation estimate for HYPE reaching $319 under specific scenarios.
Mult's token issuance in Capital has listed Hyperliquid's HYPE token as its largest position in its hedge fund, further indicating that the company remains committed to its cryptocurrency investment strategy, even as some competing venture capital firms expand into artificial intelligence and robotics.
The Mult token holding was confirmed by Spencer Applebaum, Co-Head of General Partners and Venture Capital, in an interview with Bloomberg on October 19. The company, which manages approximately $2.7 billion in assets, accumulated its HYPE position through open market purchases rather than through private token allocations.
Applebaum declined to disclose the specific size of the investment, but noted that Mult token issuances typically hold publicly traded crypto assets for several years. This disclosure comes as the company’s investment strategy increasingly diverges from competitors seeking opportunities beyond digital assets.
After months of accumulating, HYPE has become the largest holder of the Mult token issuance.
In an investment research report released on June 25, the company disclosed that it established a significant position in HYPE in early 2026 and has continued to increase its holdings of the token. At that time, Hyperliquid was among the largest investments in its liquidity fund.
The investment logic behind the MULT token issuance is that Hyperliquid will evolve into a broader financial exchange, not just a decentralized crypto derivatives platform.
The company’s prior research model projected annual revenues of approximately $8 billion by 2028, applying a 20x valuation multiple, resulting in an estimated valuation of about $160 billion. Based on an adjusted supply assumption of 502 million HYPE tokens, Mult’s baseline scenario valuation exceeds $319 per token.
However, this figure represents an investment scenario with conditions and is not a guaranteed target price.
Hyperliquid's expanding derivatives business has also attracted significant institutional interest, supported by exchange revenues and token buybacks funded through protocol fees.
The platform's HIP-3 expansion also extends its offerings to perpetual markets for stocks, commodities, indices, and other assets.
Mult token issuance rejects the shift to AI, while competitors' crypto funds are expanding
In light of increasing interest from cryptocurrency investment firms in AI opportunities, Mult has made this decision.
Applebaum believes that Mult's competitive advantage remains in the digital assets space, and questions attempts to artificially link cryptocurrency with AI.
The difference here is that one involves independently investing in AI companies, while the other involves betting on blockchain infrastructure that may benefit from AI adoption.
The decision to issue the MULT token also contrasts with previous position reductions by other prominent crypto investors. Arthur Hayes, co-founder of BitMEX, previously exited his HYPE position, citing macroeconomic concerns and expectations of liquidity competition from upcoming large-scale AI projects.
However, the broader institutional HYPE market continues to attract interest from investment management firms and exchange-traded products.
Investing in Hyperliquid results in concentrated exposure.
Mult's token issuance disclosing HYPE as its largest holding highlights its confidence in Hyperliquid, but also raises questions about portfolio concentration.
This position does not necessarily equate to a majority allocation, and its exact weight within the portfolio remains unknown. Without this data, it is not possible to reliably estimate its actual financial exposure based on Mult's total assets under management of $2.7 billion.
Other institutional investors have taken different approaches to their HYPE exposure.
Bitwise previously increased its HYPE position, while Hyperliquid Strategies, listed on Nasdaq, established a substantial corporate treasury with support from equity financing.
Author Maya Bennett is described as a financial journalist who has covered cryptocurrency, equities, and broader market trends, with a focus on Bitcoin, major digital assets, stock markets, monetary policy, and economic developments that influence investor sentiment.