While other crypto VCs are busy expanding into AI, Multicoin has shown one of its cards: $HYPE is the hedge fund’s largest holding. Not $BTC, and not $ETH.
In an interview with Bloomberg on October 19, Multicoin general partner Spencer Applebaum said a few things:
· Multicoin manages about $2.7 billion in assets. Its hedge fund buys tokens directly, and its largest position is currently Hyperliquid’s $HYPE
· These tokens were bought on the open market, not acquired through early private sales
· It does not disclose the position size or its share of the portfolio
· Publicly traded assets are typically held for “years,” not days or weeks
The VC firm isn’t expanding into pure-play AI companies. The gist is: “We have an edge in crypto, and we want to hold on to it.”
This wasn’t the first time they’d said so. In an investment post on June 25, Multicoin wrote that $HYPE was “one of the largest positions” in its liquid fund. It also included a valuation model: around $319 in the 2028 base case, $109 in the bear case, and $689 in the bull case—all scenario assumptions, not forecasts of what will actually happen. This time, “one of” became “the largest,” but they didn’t say a word about how much they added or how much they’d made.
Three things stood out to me:
1) “Bought on the secondary market” is more noteworthy than “the largest position.” Hyperliquid didn’t give VCs a discounted entry window; institutions have to place orders just like retail investors.
2) “Largest position” is relative. Without knowing the weighting, don’t assume they’ve gone all in.
3) Fund holdings can change. According to crypto.news, an on-chain report in September tracked transfers from Multicoin-linked addresses to Coinbase Prime, but didn’t confirm a sale. The statement was made on October 19; it isn’t permanent.
In short: this is a statement of conviction, not a signal to copy the trade.
Sources: Bloomberg (October 19 interview), Bloomberg Línea, Crypto Briefing, crypto.news
This is not investment advice.
#Hyperliquid #HYPE #Multicoin #CryptoVC