The HYPE of Hyperliquid has become the largest holding in the Capital hedge fund's in token issuance. This investment institution has also reiterated that its focus remains on crypto assets, rather than betting solely on artificial intelligence.

• HYPE is currently the largest hedge fund position holder in the issuance of Mult tokens by in, however, the size of its position has not been disclosed.
• The research in June by Mult Token Issuance in has listed HYPE as one of its largest liquidity fund investments.
• In September, the wallet report tracked transactions related to the issuance of Mult tokens to Coinbase Prime, but it could not be confirmed that the sale had been completed.
• Paradigm The expanded investment authorization still retains focus on encryption, artificial intelligence, and robotics.

Bloomberg reports that Spencer Applebaum, the general partner and co-head of venture capital for Mult's token issuance in, identifies HYPE as the largest holding of the fund, but does not disclose the specific size.

Mult Token Issuance: The maximum holding of in against HYPE comes from continuous holdings over the past few months.

Applebaum told Bloomberg that the issuance of Mult tokens is to buy HYPE on the open market, and they usually hold these publicly traded assets for several years. He refused to disclose the specific size of that position.

In the interview, Applebaum stated that Mult token issuance in will continue to invest in digital assets because the company possesses professional capabilities in the field of cryptography. He questioned the practice of forcibly linking blockchain with artificial intelligence.

The investment article published by in on June 25th has already disclosed earlier position information. The company stated that it established a large position at the beginning of 2026 and continued to increase its holdings, referring to HYPE as "one of the largest positions in our liquidity fund."

This article, written by Applebaum, Shayon Sengupta, and Tushar Jain, describes Hyperliquid as a blockchain and decentralized exchange designed for high-speed transactions. Its investment logic focuses on the platform's potential to expand from crypto derivatives to other financial markets.

As previously reported by crypto.news, the valuation model for the Mult token issuance in June predicted that by 2028, the price would reach $319 under a baseline scenario. Relevant reports indicated that buying started in February, and there was also a three-day trading ban period following the release of the study.

In June's reports, this prediction was also linked to the earlier operational results of Hyperliquid. Citing the estimates from Mult's token issuance in, it was predicted that by 2025, the platform's revenue would reach $873 million and its trading volume would amount to $2.9 trillion. The reports indicated that during that year, the number of users increased from approximately 301,000 to 923,000, and the open interest in contracts reached $6 billion. These are all historical data used for investment justification.

In June, Mult described in as one of the largest positions in its liquidity fund. In an interview with Bloomberg, Applebaum referred to it as the largest position, but did not disclose the weight of this position within the portfolio, nor did they explain how the allocation had changed.

The $319 forecast for the issuance of Mult token by in is based on assumptions of profitability and supply.

In the complete June research report, Mult token issuance in expects an annualized return of approximately $8 billion by 2028, using a valuation multiple of 20 times. Based on this calculation, the valuation is $160 billion. Dividing this by the adjusted token supply of 502 million tokens results in a price of over $319.

The report also provides bear market scenarios of $109 and bull market scenarios of $689, based on different assumptions regarding the growth of derivative markets and the market share of decentralized exchanges. These three figures were part of the investment scenarios released in June and are not realized returns, nor are they new forecasts released in October.

In terms of risks, the issuance of Mult tokens by in mentioned decentralization and governance, regulation, competition, interoperability between HyperCore and HyperEVM, token dilution, and bad debts. In the discussion regarding bad debts, the company warned that markets with insufficient liquidity and gaps that breach the liquidation line could result in losses for the protocol.

Shorter investment articles link its expansion logic to the HIP-3 market, which covers assets such as commodities and stock indices. The articles also identify forecasting markets, options, and portfolio margins as further growth opportunities, while acknowledging that such investments face regulatory and technical risks.

Transfers related to the issuance of Mult tokens and in do not prove that HYPE has been sold.

In September, reports disclosed the public investment logic behind the issuance of Mult tokens in, while also documenting the transaction flows related to this institution Coinbase. Lookonchain believes that on September 24th, there was a deposit of 130,331 HYPE tokens, valued at 12.15 million US dollars, which belonged to this investment management company.

This blockchain analytics firm stated that since July 28th, a total of HYPE amounting to 4.23 million have flowed into Coinbase Prime. Calculated at the recorded transfer prices, this is worth approximately 285 million US dollars. Coinbase Prime provides institutional-level custody and execution services; therefore, these deposits do not necessarily prove that Mult issued these tokens, which were then sold by in.

The existing transfer reports do not provide a complete balance sheet of the hedge fund, nor do they verify the purchases, withdrawals, and remaining positions. Therefore, to claim based on this that the holdings of the Mult token issued by in are continuously expanding goes beyond what the disclosed evidence can support.

Another institutional purchase was mentioned in a report on September 25th regarding the procurement of Hyperliquid Strategies. Lookonchain linked a wallet to this NASDAQ-listed fund management company and stated that it purchased 494,200 HYPE within 16 hours, worth 45.8 million US dollars.

In the previous month, the same wallet purchased a total of 5.51 million HYPE tokens, worth approximately $476 million. The aforementioned purchases were made by a listed fund management company, and not by the Mult token issuance in venture capital team's previously disclosed reallocation.

According to reports in September, as of June 30, after completing a $647 million equity financing round, the company held approximately 29.3 million HYPE, valued at $1.9 billion.

The AI expansion of Paradigm still retains the encrypted investment authorization.

According to reports on its announcement on July 9th, Paradigm successfully raised a fourth-phase fund with a scale of 1.2 billion US dollars. Co-founder Matt Huang and managing partner Alana Palmedo announced this fund on July 8th.

The company stated that this fund will invest in areas such as cryptography, artificial intelligence, robotics, and other technology fields, while continuing to support companies developing markets and financial systems. Examples related to this strategy mentioned in the announcement include Hyperliquid, Kalshi, and Tempo.

The same report also mentioned that Framework Ventures raised $400 million in its fourth fund in June, with investment areas including blockchain, artificial intelligence, robotics, and energy startups. Haun Ventures raised $1 billion in May, to be used for blockchain infrastructure, tokenization, and AI agents.