Multicoin Capital names Hyperliquid token its largest hedge fund holding

Multicoin Capital said on October 19, 2026, that its biggest hedge fund position is Hyperliquid's HYPE token. General partner Spencer Applebaum made the announcement. The firm manages around $2.7 billion across its investment strategies. Multicoin bought its HYPE tokens through public markets. The company did not say how large the position is. Back in June 2026, Multicoin had already named HYPE as one of its top holdings in its liquid fund. The position may have grown to number one because the token's price went up, not because the firm bought more. Multicoin believes Hyperliquid could expand into commodities and equity indexes. In September 2026, the firm moved $12.15 million worth of HYPE to Coinbase Prime.