Multicoin Capital ($2.7B AUM) names HYPE as its hedge fund's largest position and reaffirms crypto focus despite industry peers pivoting to AI.
AI & Agents ·
Multicoin Capital, which oversees approximately $2.7 billion in assets, has designated HYPE as the largest position in its hedge fund, acquired through public markets. General partner Spencer Applebaum disclosed the allocation while declining to specify the holding's size.
The move reflects a deliberate strategic choice as competing venture firms including Paradigm, Framework Ventures, and Haun Ventures have begun expanding their portfolios into artificial intelligence. Applebaum stated the firm perceives no imperative to abandon its crypto focus merely to capitalize on the AI investment wave.
The exact acquisition timeline, valuation rationale for HYPE, and whether additional positions back the hedge fund's thesis remain undisclosed. The size of Multicoin's broader fund allocation toward HYPE and the firm's forward deployment strategy are similarly unspecified.