HYPE Is Multicoin’s Largest Hedge Fund Holding

Multicoin Capital’s HYPE token position is now the largest holding in the investment firm’s hedge fund, general partner Spencer Applebaum said in an interview. The firm bought the tokens on public markets, but did not disclose the position’s size. Applebaum said Multicoin plans to remain focused on digital assets and has no plans to begin making standalone artificial-intelligence investments. He said the firm believes its expertise is in crypto and questioned efforts to force connections between blockchain and AI. Multicoin had disclosed in a June 25 investment post that HYPE was among its largest liquid-fund positions. The firm said then that it began accumulating the token early in 2026. The June post and the later hedge-fund ranking refer to different funds; the firm has not provided the hedge-fund position’s value or portfolio weight. Reports tracking blockchain transfers attributed a September 24 deposit of 130,331 HYPE to Multicoin-linked wallets at Coinbase Prime. The deposit does not establish whether the tokens were later sold. Transfer data alone also does not show the hedge fund’s complete holdings or account for subsequent purchases and withdrawals. In June...