Overview
- Multicoin confirmed on Monday that HYPE is the largest position in its hedge fund and said the exposure was bought on public markets while declining to reveal the holding’s size.
- The firm first disclosed a large HYPE stake in a June 25 research post that modeled a base-case HYPE price above $319 by 2028 under explicit earnings and supply assumptions.
- On-chain analytics recorded Multicoin-linked HYPE deposits to Coinbase Prime in September but those custody transfers do not by themselves prove the tokens were sold or that net exposure fell.
- Multicoin’s June report laid out the investment case using Hyperliquid’s trading volumes, revenue and user growth while warning of risks including governance, regulation, token dilution, interoperability and bad debt.
- The public naming of HYPE as the top holding could affect market attention and price sensitivity for the token, so observers should watch for further disclosures or trading that would clarify Multicoin’s remaining exposure.