Multicoin Just Made HYPE Its Largest Hedge Fund Holding. Is Hyperliquid a Buy After a 14% Monthly Drop?

Multicoin Capital, a crypto investment firm managing $2.7 billion, named Hyperliquid (HYPE) as its largest hedge fund holding, according to Spencer Applebaum on October 19, 2026. Applebaum said the firm bought the tokens on the public market but didn’t disclose the size. Still, HYPE didn’t rise: on October 20 it traded around $78, down 4% over a week and 13.5% over a month, and about 20% below its $98 peak on September 23. Hyperliquid runs perpetual futures, earning from trading fees, which its Assistance Fund routes into automated HYPE purchases. Open interest nearly doubled in Q3 to $12.2 billion. Legal risk also looms: Hyperliquid’s Policy Center submitted a comment letter to the SEC on October 19 on guidance for token-related trading, airdrops, and buybacks.