Multicoin Capital has now sold roughly another 10% of its HYPE position, according to blockchain intelligence platform Arkham.
The latest sale leaves the investment firm with approximately $90.5 million worth of HYPE.
This is its largest on-chain holding despite continued sales.
Multicoin accumulated roughly 4 million HYPE during February and March, when its position reached a peak. Its current holdings stand at slightly more than one-quarter of that amount. The firm has now sold nearly 75% of its peak position.
In July, Multicoin also made a decision to make a direct investment into the Hyperliquid ecosystem.
On July 16, Multicoin invested $1.75 million in Trasia Labs, an Asia-focused perpetual futures platform built on Hyperliquid.
Multicoin was the sole investor in the seed round. This makes the deal notable given the firm’s large HYPE position.
And in February, co-founder Kyle Samani stepped back from Multicoin after nearly a decade. He remained chairman of Forward Industries.
HYPE's continued momentum
HYPE recently made a debut within Hashdex’s Nasdaq CME Crypto Index ETF (NCIQ). HYPE was added with a roughly 3.4% weighting.
This is the fund’s fifth-largest holding behind Bitcoin, Ethereum, XRP and Solana. This is the first reported inclusion of HYPE in a U.S.-listed crypto index ETF.
HYPE is now also more accessible to U.S. investors. Coinbase currently lists Hyperliquid for trading and offers HYPE-related derivatives, including cash-settled futures.
There are also some important developments on the institutional side. Grayscale’s Hyperliquid Staking ETF, HYPG, continues to make the case for HYPE around the token’s economics and Hyperliquid’s growth.
Dan Burgin
U.Today Editorial Team
