Multicoin Capital, managing $2.7 billion in assets, has officially decided to maintain its primary focus on digital assets rather than pivoting toward artificial intelligence or robotics. General partner Spencer Applebaum stated that the firm prefers to concentrate on areas where it possesses deep expertise, noting that some market participants are currently forcing connections between crypto and AI to solve non-existent problems.
Despite avoiding direct AI investments, the firm continues to support blockchain infrastructure that serves the AI sector. In September, Multicoin invested in the DePIN platform Grass, which utilizes a decentralized network to collect web data for training neural networks. The company views this as a practical application of crypto mechanisms within the broader technology landscape.
The firm is currently increasing its holdings in crypto assets, with the HYPE token of the decentralized exchange Hyperliquid serving as the hedge fund's largest position. Analysts at the firm project that Hyperliquid's annual profit could reach $8 billion by 2028. Based on a 20x multiplier, this forecast implies a potential token price of approximately $319, compared to the current trading level of around $78.5.
Hyperliquid has demonstrated significant market growth, with open interest exceeding $10 billion in June. According to Talos, the platform currently ranks third among the largest perpetual futures exchanges. The platform's expansion into traditional financial assets, including stocks and commodities, has contributed to its rising volume and competitive standing against established market players.
