Hyperliquid Becomes Fifth-Largest Holding in Hashdex’s Crypto ETF Amid Multicoin Capital's Sell-Off

On September 1, 2026, Hyperliquid's token, HYPE, was added to Hashdex’s Nasdaq CME Crypto Index ETF, known as NCIQ, with a 3.36% weighting. This addition reduced Bitcoin's share in the fund from 78% to 74.36%, while HYPE now ranks behind only Bitcoin, Ethereum, XRP, and Solana in the ETF's holdings. The inclusion of HYPE marks a significant step for the token, as it gains a foothold in a regulated investment product, which now consists of nine assets.

In contrast, Multicoin Capital, a major institutional backer of HYPE, has sold approximately 75% of its holdings, which originally totaled around 4 million tokens. Despite a bullish report published on June 25, 2026, projecting a target price of $319 for HYPE by 2028, Multicoin has been actively reducing its position, transferring significant amounts of HYPE to Coinbase Prime throughout July and August. As of now, Multicoin retains about $90.5 million worth of HYPE, making it its largest publicly visible on-chain position.

The contrasting actions of Hashdex and Multicoin highlight differing perspectives on HYPE's future. While Hashdex's decision to include HYPE in its ETF opens new avenues for institutional investors to gain exposure to the token, Multicoin's sell-off raises questions about the token's immediate market dynamics. The NCIQ ETF's approval by the U.S. Securities and Exchange Commission allows it to hold up to 15% of its assets in investments that do not meet the strictest listing requirements, further broadening its investment scope.

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Source: KLEA News