Bollcoin reported on October 20, citing Bloomberg, that Spencer Applebaum, general partner and co-head of venture at Multicoin Capital, which manages about $2.7 billion in assets, said the Hyperliquid token HYPE is the largest holding of its hedge fund, and the related tokens were all purchased on the open market. He said Multicoin will not follow peers such as Paradigm in expanding its investment scope into pure AI and robotics, and will continue to focus on crypto assets, adding that many investors are "forcing" a connection between crypto and AI. In addition, Multicoin's $422 million venture fund raised in 2022 has been deployed at a slower pace due to declining startup valuations after the FTX collapse.