Key Points

• HYPE has become the largest holding in the in hedge fund issued by Mult.
• The company, which manages assets worth approximately $2.7 billion, maintains its focus on crypto investments.
• Mult Token Issuance in Previously Proposed HYPE A Valuation of up to $319 in Specific Scenarios

Mult Token Issuance in Capital has listed the HYPE tokens of Hyperliquid as its largest position in its hedge fund, which further indicates that despite some competitive venture capital firms expanding into the fields of artificial intelligence and robotics, the company remains committed to its cryptocurrency investment direction.

Mult Token Issuance in Ordinary Partner and Co-Director of Venture Capital Spencer Applebaum confirmed this position in an interview with Bloomberg on October 19. The company manages assets worth approximately $2.7 billion, and its HYPE holdings were accumulated through purchases in the public market, rather than through private token distributions.

Applebaum refuses to disclose the specific scale of this investment, but indicates that Mult token issuers usually hold publicly traded crypto assets for several years. This revelation comes as the company's investment strategy increasingly diverges from that of its competitors who seek opportunities beyond digital assets.

After several months of increasing its holdings, HYPE has become the largest holder of in tokens issued by Mult.

In an investment research report released on June 25th, the company disclosed that it had established a large HYPE position earlier in 2026 and continued to increase its holdings of the token. At that time, Hyperliquid was already one of the largest investments in its liquidity fund.

The investment logic behind the issuance of Mult token for in lies in the fact that Hyperliquid is intended to grow into a broader financial exchange, rather than just a decentralized cryptocurrency derivatives platform.

The company's previous research model predicted that its annual revenue would be around $8 billion by 2028, with a valuation multiple of 20, resulting in a valuation of approximately $16 billion. Based on the adjusted token supply of 502 million HYPE, the benchmark scenario valuation calculated for the issuance of Mult tokens exceeds $319 per token.

However, this figure represents an investment scenario with attached conditions and is not a guaranteed target price to be achieved.

The continuously expanding derivatives business has also attracted a great deal of interest from institutions, with supporting factors including exchange revenues and token repurchases funded through protocol fees.

The expansion of this platform's HIP-3 has also extended its business scope to the perpetual markets for stocks, commodities, indices, and other assets.

Mult Token Issuance in Refuses to Shift AI, While Competitors' Crypto Funds Are Expanding

As more and more crypto investment companies are pursuing opportunities in artificial intelligence, Mult token issuer in has made this decision.

Applebaum believes that the competitive advantage of Mult in issuing in tokens still lies in the field of digital assets, and questions the approach of attempting to artificially link cryptography with AI.

The difference here is that one is independent investment in AI enterprises, while the other is betting on the potential benefits of the blockchain infrastructure adopted by AI.

The decision to issue in tokens by Mult also contrasts with other well-known crypto investors who have previously reduced their positions. Arthur Hayes, co-founder of __BJWKEEP_, had already exited his holdings in HYPE earlier on, citing concerns about the macroeconomy and anticipating that large-scale AI listings would lead to competition for liquidity.

However, the broader HYPE market continues to attract the attention of investment management institutions and exchange-traded products.

Investment in Hyperliquid results in a concentrated exposure.

Mult token issuance; in disclosure; holding a maximum position of HYPE highlights their confidence in Hyperliquid, but it has also raised questions regarding the concentration of the investment portfolio.

This position does not necessarily equate to holding a majority of the configuration, and its exact weight within the combination remains unknown. In the absence of this data, it is not possible to reliably estimate its actual financial exposure based on the total asset management scale of $2.7 billion issued by the Mult token for in.

Other institutional investors have adopted different approaches towards HYPE.

Bitwise previously expanded its HYPE position, while Hyperliquid Strategies, which is listed on NASDAQ, has established a considerable corporate treasury with the support of equity financing.

According to the author Maya Bennett, who introduces herself as a financial journalist, she has covered cryptocurrency, stocks, and broader market trends. She focuses on Bitcoin, major digital assets, the stock market, monetary policy, and economic developments that affect investor sentiment.