Key Takeaways
- • Multicoin Capital has made Hyperliquid's HYPE token the largest position in its $2.7 billion hedge fund, according to Pluang.
- • The firm accumulated HYPE through public-market purchases and sees Hyperliquid evolving into a broad financial exchange, with a possible valuation scenario above $319 per token.
- • Multicoin is keeping its focus on crypto while rival funds shift toward AI and robotics, limiting AI exposure to areas that intersect with blockchain infrastructure.
- • The size of the HYPE position raises questions about portfolio concentration.
Summary
Multicoin Capital has made Hyperliquid's HYPE token the largest position in its $2.7 billion hedge fund, according to a Pluang report. The firm built the position through public-market purchases and views Hyperliquid's potential to develop into a broad financial exchange. The report cites a possible valuation scenario of more than $319 per token, though it does not specify the assumptions behind that figure.
The position comes as other crypto funds diversify into AI and robotics. Multicoin is maintaining its digital asset focus and holds AI exposure only where it overlaps with blockchain infrastructure. The report notes that the size of the HYPE holding raises questions about portfolio concentration.
Pluang's market snapshot as of October 20, 2026 at 02:41 WIB showed 43 of 50 major cryptocurrencies rising and 6 falling. The report did not link these moves directly to Multicoin's position.
The position comes as other crypto funds diversify into AI and robotics. Multicoin is maintaining its digital asset focus and holds AI exposure only where it overlaps with blockchain infrastructure. The report notes that the size of the HYPE holding raises questions about portfolio concentration.
Pluang's market snapshot as of October 20, 2026 at 02:41 WIB showed 43 of 50 major cryptocurrencies rising and 6 falling. The report did not link these moves directly to Multicoin's position.
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