Multicoin Capital has liquidated roughly three-quarters of its largest HYPE holdings, retaining $90.5 million worth of the hyperliquid:native token after selling another 10% stake, according to tracking data from Arkham.
The venture firm accumulated approximately 4 million HYPE tokens during February and March, near the token's peak. Its current position represents slightly more than one-quarter of that accumulated total, meaning Multicoin has now exited nearly 75% of the stake it built during that two-month window.
Multicoin's retreat from HYPE follows the pattern of early backers taking profits as the token matured from launch. The firm's initial accumulation in early 2026 positioned it as a material holder during Hyperliquid's growth phase. The ongoing liquidation, now documented across multiple tranches, shows Multicoin moving from accumulation to gradual exit.
Arkham's holdings tracking has become a standard source for monitoring large crypto positions, particularly for venture firms that do not regularly publish portfolio disclosures. The data allows outside observers to track manager positioning in real time without reliance on voluntary disclosure.
Multicoin has not publicly commented on its HYPE sales or its rationale for the liquidation. The firm manages multiple crypto-focused investment vehicles and regularly adjusts positions across its portfolio.
The scale of Multicoin's exit, from 4 million tokens to roughly 1 million retained, shows the venture position moved from locked-in during the February-March window to mostly deployed. The firm now holds a smaller exposure to continued HYPE appreciation or decline.
