Key Takeaways
- • Multicoin Capital, managing approximately $2.7 billion in assets according to Bloomberg, has disclosed that Hyperliquid's native token, $HYPE, is the largest position in its hedge fund.
- • Co-head of the firm's venture capital unit Spencer Applebaum said the $HYPE tokens were purchased on the public market, but did not disclose the size of the position.
- • Multicoin is staying concentrated on digital assets while rivals such as Paradigm, Framework Ventures and Haun Ventures have expanded into artificial intelligence.
- • Paradigm launched a $1.2 billion fund this year covering AI and robotics, while Galaxy Research data shows crypto investment reached roughly $10 billion in the first half of 2026.
Summary
Multicoin Capital, a crypto-focused investment firm managing approximately $2.7 billion in assets according to Bloomberg, has said it will keep its focus on digital assets as several competitors shift toward artificial intelligence. The firm's largest hedge fund position is Hyperliquid's native token, $HYPE, according to Spencer Applebaum, the company's general partner and co-head of its venture capital unit, in an interview with Bloomberg.
Applebaum said the $HYPE tokens were bought on the open market. He did not disclose the total value or size of the holding. Bloomberg's reporting did not include a figure for the position.
Multicoin's stance contrasts with several leading crypto investors. Paradigm, Framework Ventures and Haun Ventures have recently widened their strategies into AI. Paradigm created a $1.2 billion fund this year covering AI and robotics. Applebaum said Multicoin believes its expertise in crypto gives it a competitive advantage, adding: "We believe we have a competitive advantage in the cryptocurrency sector and we want to stick with it."
Multicoin's last venture capital fund, raised in 2022, has taken longer than expected to deploy, according to the article. The firm does not plan to limit investments to AI-focused startups.
The article cites Galaxy Research data showing roughly $20 billion was expected to flow into crypto ventures in 2025, with about $10 billion recorded in the first half of 2026. The piece notes it is not investment advice.
Applebaum said the $HYPE tokens were bought on the open market. He did not disclose the total value or size of the holding. Bloomberg's reporting did not include a figure for the position.
Multicoin's stance contrasts with several leading crypto investors. Paradigm, Framework Ventures and Haun Ventures have recently widened their strategies into AI. Paradigm created a $1.2 billion fund this year covering AI and robotics. Applebaum said Multicoin believes its expertise in crypto gives it a competitive advantage, adding: "We believe we have a competitive advantage in the cryptocurrency sector and we want to stick with it."
Multicoin's last venture capital fund, raised in 2022, has taken longer than expected to deploy, according to the article. The firm does not plan to limit investments to AI-focused startups.
The article cites Galaxy Research data showing roughly $20 billion was expected to flow into crypto ventures in 2025, with about $10 billion recorded in the first half of 2026. The piece notes it is not investment advice.
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