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Multicoin Capital has now sold roughly another 10% of its $HYPE position, according to blockchain intelligence platform Arkham.
The latest sale leaves the investment firm with approximately $90.5 million worth of $HYPE.
This is its largest on-chain holding despite continued sales.
Multicoin accumulated roughly 4 million $HYPE during February and March, when its position reached a peak. Its current holdings stand at slightly more than one-quarter of that amount. The firm has now sold nearly 75% of its peak position.
In July, Multicoin also made a decision to make a direct investment into the Hyperliquid ecosystem.
On July 16, Multicoin invested $1.75 million in Trasia Labs, an Asia-focused perpetual futures platform built on Hyperliquid.
Multicoin was the sole investor in the seed round. This makes the deal notable given the firm’s large $HYPE position.
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And in February, co-founder Kyle Samani stepped back from Multicoin after nearly a decade. He remained chairman of Forward Industries.
$HYPE's continued momentum
$HYPE recently made a debut within Hashdex’s Nasdaq CME Crypto Index ETF (NCIQ). $HYPE was added with a roughly 3.4% weighting.
This is the fund’s fifth-largest holding behind Bitcoin, Ethereum, XRP and Solana. This is the first reported inclusion of $HYPE in a U.S.-listed crypto index ETF.
$HYPE is now also more accessible to U.S. investors. Coinbase currently lists Hyperliquid for trading and offers $HYPE-related derivatives, including cash-settled futures.
There are also some important developments on the institutional side. Grayscale’s Hyperliquid Staking ETF, HYPG, continues to make the case for $HYPE around the token’s economics and Hyperliquid’s growth.