Multicoin Capital has sold roughly another 10% of its HYPE position, leaving the firm with approximately $90.5 million in the token, still its largest on-chain holding after disposing of nearly 75% of a peak stake of about 4 million HYPE built in February and March. Earlier monitoring also tied Multicoin to large Coinbase-related HYPE deposits totaling about 405,000 tokens worth $33.64 million across two days, alongside an Arkham-tracked holding cut that left roughly one-quarter of the peak position. In July the firm separately invested $1.75 million as sole seed backer of Trasia Labs, an Asia-focused perpetual futures platform on Hyperliquid. Former co-founder Kyle Samani stepped back from Multicoin in February after nearly a decade while remaining chairman of Forward Industries, and he earlier posted sarcastic criticism of a buy-talk-sell venture pattern without independently proving Multicoin promoted HYPE before selling. HYPE has since been added to Hashdex’s Nasdaq CME Crypto Index ETF (NCIQ) at about a 3.4% weight as the fund’s fifth-largest holding, marking its first reported U.S.-listed crypto index ETF inclusion, while Coinbase lists Hyperliquid trading and HYPE cash-settled futures and Grayscale’s HYPG staking product continues to highlight the token’s economics.