Multicoin Capital has built a HYPE position of more than $100 million, making the Hyperliquid token one of its largest holdings after accumulating since February. On-chain data cited by ChainCatcher says three wallets linked to Multicoin currently hold about 1.777 million HYPE worth roughly $102 million. Some related tokens were previously sent to Coinbase Prime and Galaxy OTC, but those transfers can reflect custody, execution or over-the-counter activity and do not by themselves confirm that any sale has been completed. The investment underscores Multicoin's stated confidence in Hyperliquid's fee-driven buyback model, while market participants continue to watch the project's partnerships, expansion, announcements and regulatory developments, as well as the source's view that market pricing implies a higher perceived chance of reaching price targets by the end of 2026.