Multicoin Capital sold an additional 10% of its Hyperliquid HYPE stake, reducing its holdings to about $90.5 million. Multicoin now only has roughly 25% of its highest HYPE position from February and March, when it collected about 4 million tokens, as a result of this most recent shift. While Hyperliquid continues to record significant revenue, open interest, and prediction-market activity, on-chain transfers to exchanges such as Coinbase Prime have drawn attention, especially following remarks expressed by former co-founder Kyle Samani.

Multicoin Capital Cuts Its HYPE Position Again

Arkham's on-chain monitoring shows that Multicoin Capital has sold a further 10% of its HYPE holdings. The company still has the highest known on-chain ownership of the token, with an estimated $90.5 million remaining after the most recent drop.

Since earlier this year, the role's size has significantly changed. Between February and March, Multicoin reached its highest point, accumulating almost 4 million HYPE. Only about 25% of that high is still held, indicating that over three-quarters of the initial stake has been sold. Despite the frequent cuts, the company has maintained the position for over 6 months.

Multicoin just sold another 10% of their HYPE stack.

HYPE is Multicoin’s largest holding, with current holdings of $90.5M. They accumulated HYPE during February-March this year, and have held for over 6 months now.

At peak, they held 4M HYPE tokens, and now hold just over 25%… pic.twitter.com/1tJMIqXCxx

— Arkham (@arkham) September 3, 2026

Coinbase Prime Transfers Put the Sales in Focus

The most recent drop comes after a series of HYPE actions affecting Multicoin-related wallets. Previous on-chain statistics revealed significant transfers to Coinbase Prime, including the transfer of more than $100 million in HYPE since February.

A transfer of 261,555 HYPE, or roughly $21.7 million, to Coinbase Prime was part of earlier activity. In July, transactions included hundreds of thousands of HYPE tokens as well as an unstaking procedure.

These transfers don't prove Multicoin is selling on its own. However, due to the extent of its HYPE position, the company's wallet activity is highly noticeable.

The sales have also attracted attention because Multicoin has publicly maintained a strong view on Hyperliquid. In June, the firm published its own Hyperliquid HYPE analysis and valuation, describing HYPE as one of the largest positions in its liquid fund.

Kyle Samani's Comment Adds Another Layer

Kyle Samani, a former co-founder of Multicoin Capital, also commented on the most recent sale. His post was taken as a critique of the company's choice to lower HYPE following a public discussion of the asset's potential.

Samani's remark centred on the seeming difference between accumulating a sizable stake, discussing the investment in public, and ultimately selling it. The comment quickly found its way into the discussion over Multicoin's most recent HYPE transactions.

However, the transactions themselves do not indicate whether Multicoin is merely collecting profits, rebalancing its portfolio, or maintaining liquidity, or whether it is altering its long-term perspective on Hyperliquid. The exact rationale for the most recent 10% cut has not been made public by the company.

Hyperliquid Keeps Growing Despite HYPE Selling

The selling of Multicoin coincides with the Hyperliquid ecosystem's ongoing robust activity. Since late 2024, Hyperliquid's total revenue has increased to over $1.276 billion, while its open interest has increased to approximately $13 billion. Additionally, according to a Hyperliquid Strategies filing, the total amount of open interest in August was roughly $13 billion.

Another source of activity is the prediction markets. Following permissionless implementation, Hyperliquid's HIP-4 prediction-market volume increased dramatically, increasing daily volume from an August average of roughly $545,000 to $1.97 million on August 31.

Hyperliquid's main perpetual-futures business is continuing to grow at the same time. In addition to highlighting the platform's growing perps market, Multicoin's own June report identified HIP-4 prediction markets and other financial products as possible sources of additional activity.

As of right now, the difference is evident: Hyperliquid is continuing to increase its trading activity, income base, open interest, and prediction-market volumes, while Multicoin Capital is gradually lowering its HYPE exposure.

Hyperliquid opened HIP-4 to outside venues on August 29 and daily volume tripled in three days, from a $545,000 August average to $1.97 million on August 31.

Two venues posted 500k HYPE bonds and drew from the 7 validator-approved templates. Outcome took 85% of volume behind a…

— Hyperliquid Research Collective (HRC) (@HyperliquidR) September 3, 2026

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