Hyperliquid Token Joins Hashdex ETF as Multicoin Capital Sells 75% of Position
The inclusion of HYPE in a regulated index ETF signals a shift from venture capital concentration to institutional ownership.
Hyperliquid's native token, HYPE, has secured a spot in the Hashdex Nasdaq CME Crypto Index ETF (NCIQ), marking a pivotal shift in the asset's institutional profile. This inclusion arrives as early venture backer Multicoin Capital aggressively reduces its exposure to the token.
HYPE is now the fifth-largest holding within the NCIQ ETF, trailing only Bitcoin, Ethereum, XRP, and Solana. According to data from Hashdex, the token has been assigned a portfolio weighting of approximately 3.4%, specifically 3.36% as of September 1, 2026. This regulated entry into the market coincides with a significant divestment by Multicoin Capital, which has sold nearly 75% of its peak HYPE holdings. Despite the sell-off, Multicoin retains a position valued at approximately $90.5 million, which remains its largest on-chain holding.
The Institutional Pivot
Hyperliquid operates as a decentralized exchange (DEX) specializing in spot markets and perpetuals. The token's trajectory toward mainstream financial integration has accelerated through several high-profile milestones. In February 2026, Coinbase listed HYPE for spot trading, increasing retail and institutional liquidity. Further expanding its reach into traditional finance, Grayscale launched the Hyperliquid Staking ETF (HYPG), which is listed on the NASDAQ.
Beyond direct token holdings, venture activity continues to evolve within the ecosystem. Multicoin Capital recently invested $1.75 million into Trasia Labs, an Asia-focused perpetual futures platform built on the Hyperliquid network, suggesting a strategic shift toward ecosystem infrastructure rather than simple token speculation.
Market Implications
The simultaneous move by Hashdex and Multicoin highlights a classic transition in a digital asset's lifecycle. The token is moving away from the high concentration typical of early-stage venture capital and toward broader, index-based institutional ownership. While Multicoin is realizing profits or rebalancing its portfolio, the inclusion in a US-listed index ETF provides a regulated floor of demand. This shift reduces the risk of single-entity price manipulation and introduces a steady stream of capital from traditional finance investors who prefer diversified index products over direct asset management.
Future Outlook
Market observers will now watch whether the ETF-driven demand can offset the selling pressure from early investors. The success of the Grayscale Staking ETF (HYPG) will likely serve as a barometer for how institutional appetite for yield-bearing Hyperliquid products evolves. While the divestment by Multicoin is substantial, the firm's remaining $90.5 million stake and its investment in Trasia Labs indicate that the venture firm still views the underlying technology as a core component of its long-term strategy.