Multicoin Sells More HYPE, Retains $90.5M as Hyperliquid Pursues US Entry

Multicoin Capital sold roughly another 10% of its HYPE holdings on September 3, leaving about $90.5 million in the token.

Arkham data shows the investment firm now holds slightly more than one-quarter of its peak HYPE position. Multicoin accumulated around four million tokens during February and March before gradually reducing its holdings.

The firm has now sold nearly 75% of that peak position, although HYPE remains its largest reported on-chain holding. The latest sale comes after a strong August for HYPE, where the token gained roughly 50% during the month, rising from around $57 before an all-time high of $86 near the end of August.

That rally coincided with growing attention around Hyperliquid‘s potential expansion into the regulated U.S. market.

HYPE Rally Accompanies Hyperliquid US Push

Hyperliquid’s U.S. plans attracted attention in August when President Donald Trump discussed bringing the platform into the domestic market. Trump said his administration was working to bring Hyperliquid onshore “in a fully compliant and legal fashion.”

The regulatory story developed further on August 31, when Bloomberg reported that Hyperliquid Labs was in advanced discussions with Kraken parent Payward. The companies are considering a structure that would give U.S. traders access to selected token-linked futures through Bitnomial, according to the report.

Bitnomial operates as a regulated U.S. derivatives exchange, so customers would not access Hyperliquid’s main offshore platform under the proposed arrangement.

Payward has presented the framework to the Commodity Futures Trading Commission, but regulatory approval has not been granted. Hyperliquid’s U.S. entry therefore remains under discussion, not an approved expansion.

HYPE Gains Separate US Exposure Through Hashdex

While the derivatives route awaits regulatory clearance, HYPE has gained another form of U.S. exposure.

Hashdex announced on September 1 that HYPE would join its Nasdaq CME Crypto Index ETF, which trades under the ticker NCIQ, with the change taking effect at the September 3 rebalancing. The addition marks the first reported inclusion of HYPE in a U.S.-listed crypto index ETF.

The token received a weighting of approximately 3.36% during the latest rebalancing, making it the fund’s fifth-largest holding. Bitcoin, Ethereum, XRP, and Solana have larger allocations in the fund, according to the fund data.

The two developments involve different forms of access. NCIQ provides investment exposure to HYPE; the Payward proposal concerns regulated derivatives access through Bitnomial.

Large Buyers Add HYPE as Multicoin Sells

Multicoin’s selling does not represent all large-holder activity around HYPE. On September 3, a newly created wallet acquired 94,150 HYPE from FalconX for approximately $7.68 million, according to on-chain data.

Another large holder purchased about $11.9 million in HYPE during the same period. Large wallets have been adding HYPE while Multicoin reduces its position near the token’s recent highs.

Multicoin itself has not withdrawn from the wider Hyperliquid ecosystem. On July 16, the firm invested $1.75 million in Trasia Labs, an Asia-focused perpetual futures platform built on Hyperliquid with Multicoin as the sole investor in the seed round.

Multicoin also remains publicly bullish on HYPE’s longer-term price prospects. On June 25, investment partner Spencer Applebaum set out the firm’s base case of about $319 by 2028, alongside a bear case of $109 and a bull case of $689, each applying a 20 times multiple to projected 2028 earnings. That report said the firm had been accumulating aggressively since February, the period in which its position peaked before the current run of sales.

The firm still holds approximately $90.5 million in HYPE after selling nearly three-quarters of its reported peak position.

This article is for information only. It is not investment advice. Price scenarios cited are those of Multicoin Capital, which holds a position in the token. Figures are drawn from on-chain data and company disclosures on the dates shown, and holdings values move with the token price.