Hyperliquid (HYPE) is the largest holding in Multicoin Capital's hedge fund, and the firm plans to keep its focus on digital assets, Spencer Applebaum, a general partner and co-head of venture, said.
Multicoin acquired the HYPE position in public markets, Applebaum said. He put the firm's assets at $2.7 billion. The firm generally holds publicly traded assets for several years, he said.
Applebaum said Multicoin would keep its investments in digital assets and would not follow peers into artificial intelligence (AI) and robotics. He also questioned whether some proposed links between crypto and AI address genuine problems. His comments place the firm's largest hedge fund position within a broader decision to remain focused on digital assets.
Applebaum linked the deployment pace of Multicoin's $422 million venture fund to the smaller scale of seed rounds. The 2023 seed rounds he encountered had post-money valuations near $30 million and raised about $3 million each. That scale difference makes deployment take longer, Applebaum said.
