Hyperliquid HYPE tops Multicoin’s hedge fund as firm rejects AI pivot

Hyperliquid’s HYPE has become Multicoin Capital’s largest hedge-fund position as the investment firm has reaffirmed its focus on crypto over standalone artificial intelligence investments. Summary HYPE ranks as Multicoin’s largest hedge-fund holding, with its position size undisclosed. Multicoin’s June research already identified HYPE among its largest liquid-fund investments. September wallet reports tracked Multicoin-linked transfers to Coinbase Prime without confirming completed sales. Paradigm’s expanded investment mandate retains crypto alongside artificial intelligence and robotics. Bloomberg reported that Spencer Applebaum, Multicoin’s general partner and co-head of venture investments, identified HYPE as the fund’s largest holding without disclosing its size. Multicoin’s largest HYPE position follows months of ownership Applebaum told Bloomberg that Multicoin bought its HYPE exposure on public markets and generally holds publicly traded assets for several years. He declined to disclose the position’s size. During the interview, Applebaum said Multicoin would keep investing in digital assets, citing the firm’s expertise in crypto. He questioned attempts to force connections ...