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HYPE Multicoin Capital reduced its HYPE position by nearly 75% and still holds approximately US$90.5 million.
Multicoin Capital has sold nearly 75% of its peak Hyperliquid position and currently retains approximately US$90.5 million in HYPE tokens. Despite the significant reduction, HYPE remains the company's largest on-chain asset position and its strongest exposure to a single cryptocurrency.
During February and March, multi-currency capital purchased a total of approximately 4 million HYPE tokens, bringing its positions to the highest level in history. However, its current holdings are only slightly above a quarter of the peak, confirming a significant reduction in its exposure to tokens. These transactions may be aimed at achieving profits, rebalancing investment portfolios or managing concentration, although multi-currency capital does not publicly explain the specific reasons for each transfer. Despite this, the remaining positions are of considerable value and maintain the financial connection between the multi-currency capital and Hyperliquid's expanding decentralized trading ecosystem.
Deepening strategic connections by investing in Trasia Labs
In addition, Polycoin Capital further strengthened this relationship by investing US$1.75 million in a seed round of financing in Trasia Labs in July. Trasia Labs operates a perpetual contract platform based on Hyperliquid and focused on the Asian market, with Multinoin Capital participating as the company's only seed investor. This venture capital initiative connects multi-coin capital's broader strategy to Hyperliquid, demonstrating that its participation is not limited to holding HYPE tokens.
HYPE gains broader institutional market exposure
At the same time, HYPE has garnered additional institutional attention through Hashdex's Nasdaq CME Crypto Index ETF (ticker: NCIQ). Hashdex allocated approximately 3.4% of portfolio weight to HYPE, making it the fifth largest digital asset position in the diversified crypto fund. Bitcoin, Ethereum, XRP and Solana have larger allocations, putting HYPE close behind these four mature cryptocurrencies.
It is worth noting that this configuration marks the first time that HYPE has been included in a crypto index ETF listed in the United States. Coinbase also lists trading pairs for Hyperliquid and offers derivatives related to HYPE, including cash-settled futures designed to expand market participation. In addition, Grayscale promoted its Hyperliquid Pledged ETF (HYPG) around the network's development prospects and the underlying economic structure of the token. These regulated products provide investors with multiple ways to gain exposure to HYPE without having to directly hold or manage the cryptocurrency.
