Multicoin’s top holding is Hyperliquid as HPC pushes SEC on airdrop rules

Multicoin Capital has identified Hyperliquid as the largest holding in its hedge fund, reaffirming its commitment to crypto investments despite growing interest in artificial intelligence (AI).

According to a Bloomberg report on Monday, Spencer Applebaum, the firm's general partner and co-head of venture investments, said Multicoin acquired HYPE through public markets but declined to disclose the position's size. Applebaum also said the firm intends to continue investing in digital assets.

HPC seeks clearer rules for token airdrops and trading

The report comes as the Hyperliquid Policy Center urged the Securities and Exchange Commission (SEC) to adopt its proposed Regulation Crypto Assets framework with five additional rule suggestions.

In a comment letter submitted on Monday, HPC supported the proposed framework but called for clearer rules covering token airdrops, secondary-market trading, safe harbor requirements, token buybacks and federal preemption for crypto projects.

HPC said the SEC should incorporate its March interpretation of token airdrops directly into the final rule. The agency's interpretation stated that recipients who receive tokens without providing payment have not made an investment.

The policy center argues that activities such as using a network, running a validator or supplying liquidity should not automatically establish an investment contract.

HPC also wants the SEC to clarify that administrative requirements, including connecting a wallet or completing sanctions screening, do not constitute payment for an airdrop.

On secondary-market trading, the team argued that the proposed framework does not adequately explain whether onchain protocols and other intermediaries that are not registered with the SEC can facilitate trading in tokens tied to investment contracts.

“Our comment asks the Commission to provide that clarity when the SEC adopts the rule, using the authority and tools the Commission already has,” the team wrote.

HPC added that the SEC should revise its proposed safe harbor requirements. Under the proposal, projects must certify that they have completed their essential managerial efforts to qualify. The team argued that this requirement could create legal risks for projects that maintain they were never subject to an investment contract.

“A project whose counsel concluded that no investment contract ever existed cannot reasonably certify otherwise, and making that tacit admission exposes the project to legal liability,” HPC stated.

HYPE bounces off $76.8 support

HYPE bounced near the $76.8 support after a brief weekend decline but is facing bearish pressure again. A drop below the level could send HYPE to the support at $66.2.

On the upside, the token has to break above the short-term resistance at $83.7 before testing the $88.20 hurdle.

The Relative Strength Index (RSI) is trending downward at 38, and the Stochastic (Stoch) is in oversold territory at 11. This indicates strong bearish dominance, but the oversold Stoch leaves less room for further downside.