Hyperliquid HYPE Tops Multicoin Capital Liquid Fund

Hyperliquid's HYPE has become Multicoin Capital's largest hedge-fund position, according to Bloomberg reporting cited by CryptoNews. Spencer Applebaum, Multicoin's general partner and co-head of venture investments, confirmed the holding status without disclosing the exact position size.

Long-Term Investment Strategy

Applebaum stated that Multicoin purchased its HYPE exposure on public markets and generally holds publicly traded assets for several years. During the interview, Applebaum affirmed the firm's ongoing commitment to digital assets based on its core expertise, while questioning attempts to force connections between blockchain and artificial intelligence.

Multicoin's June 25 investment post previously detailed that the firm initiated a large position early in 2026 and continued accumulating tokens. The published research highlighted Hyperliquid as a high-speed trading blockchain and decentralized exchange, pointing to expansion plans into commodities, equity indexes, and prediction markets.

Historical Projections and Risks

In its June research report, Multicoin modeled a base-case valuation for HYPE, citing historical operating results including $873 million in revenue on $2.9 trillion in trading volume during 2025. The firm's valuation model applied a 20-times multiple to projected earnings by 2028, deriving a price scenario above $319.

At the same time, the research outlined several key risks for the protocol, including decentralization, governance, regulation, competition, token dilution, and potential bad debt arising from illiquid markets or gaps through liquidation levels.

Key facts

• HYPE ranks as Multicoin Capital's largest hedge-fund position.
• Spencer Applebaum confirmed the holding size remains undisclosed.
• Multicoin accumulated its exposure on public markets starting in early 2026.
• The investment firm reaffirmed its focus on crypto over standalone artificial intelligence investments.