Multicoin Capital Makes Hyperliquid a Major HYPE Holding

Published: 2026-09-12 14:45:21 |

Multicoin Capital has invested more than $100 million in Hyperliquid’s native token, HYPE, making it one of the fund’s largest holdings after buying since February. The firm’s reassessment reflects strong growth in Hyperliquid liquidity and developer activity, according to a statement shared by Grayscale. Hyperliquid operates a decentralised perpetual futures exchange on its own Layer 1 network. Its fee-driven token buyback model is designed to convert trading activity into cash flow and support HYPE demand. At the time of the reports, HYPE traded near $80, with 24-hour volume estimated at $1.1 billion-$1.2 billion and market capitalisation of about $18 billion-$20 billion. Prediction-market pricing put the probability of HYPE reaching $100 by 31 December 2026 at 51%, suggesting balanced expectations. Traders should monitor further institutional disclosures, liquidity, developer activity, partnerships and protocol upgrades. Regulatory pressure, security incidents or a reduction in Multicoin’s position could weaken sentiment. The investment supports the long-term Hyperliquid outlook, but does not guarantee further HYPE gains.

Bullish

The news is moderately bullish for HYPE because a more than $100 million allocation from Multicoin Capital signals institutional confidence in Hyperliquid’s liquidity, developer activity and fee-based buyback model. The position may attract additional attention, improve sentiment and support demand in the short term, particularly if trading volumes and protocol usage continue to rise. The longer-term impact depends on whether Hyperliquid can sustain growth, expand its ecosystem and generate sufficient fees. The 51% prediction-market probability of HYPE reaching $100 by the end of 2026 indicates that traders remain divided rather than strongly bullish. Volatility could also increase if Multicoin changes its position. Regulatory action affecting perpetual futures, security incidents, weaker liquidity or declining developer activity could reverse the positive reaction. Therefore, the news supports a bullish bias, but it is not a standalone guarantee of continued price appreciation.