Multicoin Sells Nearly 75% of HYPE but Retains $90.5 Million Position

Summary

• Multicoin Capital has sold nearly 75% of its peak HYPE position while retaining tokens worth approximately $90.5 million in value.
• Multicoin invested $1.75 million in Trasia Labs, linking its venture strategy with Hyperliquid’s Asia-focused perpetual futures ecosystem through direct backing.
• Hashdex gave HYPE a 3.4% weighting, while Coinbase and Grayscale expanded access through trading, derivatives, and regulated investment products for investors.

Multicoin Capital has sold nearly 75% of its peak Hyperliquid holdings, reducing its HYPE position to approximately $90.5 million. Despite those substantial sales, HYPE remains the investment firm’s largest on-chain holding and represents its strongest exposure to one cryptocurrency.

Multicoin accumulated roughly four million HYPE tokens during February and March, when the firm’s position reached its highest recorded level. However, its current holdings represent slightly more than one-quarter of that peak amount, confirming a major reduction in token exposure.

The transactions could represent profit realization, portfolio rebalancing, or concentration management, although Multicoin has not publicly explained every individual transfer. Nevertheless, the remaining position carries considerable value and preserves Multicoin’s financial connection with Hyperliquid’s expanding decentralized trading ecosystem.

Moreover, Multicoin strengthened that relationship in July by investing $1.75 million into Trasia Labs during its seed financing round. Trasia Labs operates an Asia-focused perpetual futures platform built on Hyperliquid, while Multicoin participated as the company’s only seed investor.

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HYPE Gains Wider Institutional Market Exposure

This venture investment connects Multicoin’s broader strategy with Hyperliquid, showing that its involvement extends beyond simply holding the HYPE token. Meanwhile, HYPE gained additional institutional exposure through Hashdex’s Nasdaq CME Crypto Index ETF, which trades under the ticker NCIQ.

Hashdex assigned HYPE an approximate 3.4% portfolio weighting, making it the diversified cryptocurrency fund’s fifth-largest digital asset holding. Bitcoin, Ethereum, XRP, and Solana have larger allocations, placing HYPE immediately behind the four established cryptocurrencies in the fund’s overall structure.

Significantly, the allocation represents the first reported inclusion of HYPE within a cryptocurrency index ETF listed in the United States. Coinbase also lists Hyperliquid for trading and offers HYPE-related derivatives, including cash-settled futures designed to broaden market participation.

Additionally, Grayscale has promoted its Hyperliquid Staking ETF, HYPG, around the network’s development prospects and the token’s underlying economic structure. These regulated products provide investors with several methods for gaining HYPE exposure without independently holding or managing the cryptocurrency directly.

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