Multicoin Capital posted a mixed set of token trades between late 2025 and mid-2026, with apparent wins in HYPE and ZEC offset by large losses in AAVE and ENA.
The PANews item, citing a report by Eric at Foresight News, revisits the firm’s trading record after a deep drawdown in 2022. That year, after the collapse of FTX and a sharp drop in SOL, a Multicoin fund lost 91.4%. The picture later improved as SOL recovered and moved to new highs. Nansen said in data released in January that among confirmed institutional holding addresses, a Multicoin Capital wallet beginning with 0x2b0a recorded $17.84 million in profit in the second half of 2025. The article notes that one wallet cannot fully represent the firm’s total performance, but it still points to meaningful trading strength.
ZEC position remains opaque, but public comments point to a large build
Because ZEC transactions have privacy features, Multicoin’s holdings in the token cannot be traced directly onchain. In May, Multicoin co-founder and managing partner Tushar Jain said the firm had built a large ZEC position since February.
TradingView price data cited in the article shows ZEC trading between $200 and $350 from February through April, then rising to nearly $700 in May and staying above $500 at present. The firm’s exact cost basis is unknown. Still, the report says that even if one assumes an entry price of $350, the return would be above 40%.
HYPE trades are easier to reconstruct from wallet activity
HYPE is the clearest position in the report. Onchain analyst Ember monitored a wallet beginning with 0xaB3, described as likely linked to Multicoin Capital, that transferred 395,000 HYPE to Coinbase in the early hours of the previous day Beijing time and also requested the unstaking of 211,000 HYPE on Hyperliquid.
According to the article, that portion of the position was bought over the counter around five months ago, when HYPE was near $30. After that, there was no notable activity beyond staking.
In May, Onchain Lens also tracked three addresses tied to Multicoin Capital that had staked about 1.96 million HYPE while still holding another 2.83 million HYPE in their wallets, for a combined total of roughly 4.8 million HYPE.
Using the wallet beginning with 0x76d as an example, the report says all three addresses accumulated HYPE in a concentrated period three to five months ago, then started selling part of the position one month ago. Based on the onchain information gathered so far, Multicoin Capital bought at least 5.5 million HYPE and has already sold more than half of that position. Estimated profit is put at no less than $70 million.
Tushar Jain said the unstaking move was meant to shift tokens and avoid continuous tracking. The article adds that onchain records show some tokens were sent to fresh addresses, but a sizable portion went directly to a Galaxy Digital deposit address, which it says likely points to selling activity.
Timing of purchases lines up with Multicoin’s broader market view
Combining the firm’s previously disclosed ZEC entry window with the HYPE activity, the article says Multicoin appears to have concentrated at least part of its buying in February through April, the two months after Bitcoin fell to $60,000. That basket appears to have included both ZEC and HYPE.
The timing also matches comments Tushar Jain made in a July interview, where he said the crypto market had bottomed. Even so, the article argues that the subsequent selling pattern suggests the firm was not acting as if it held that view without reservation.
AAVE exit may have locked in losses above $35 million
The report says Multicoin started buying AAVE in early October 2025 and completed a position of at least 338,000 AAVE by late November. Ember estimated the average entry price for that stake at about $219.
On May 14, 15 and 16 of this year, the address then exited the entire AAVE position in quick succession. Based on AAVE prices across those three days, the article estimates an average selling price near $95, which would put the total loss above $35 million.
ENA sale in early June may have lost close to $20 million
ENA was another losing trade. The article says Multicoin co-founder Kyle Samani posted in November 2025 that the firm had built a “large position” in ENA during 2025, though the exact size was not disclosed.
At least one address holding more than 56 million ENA sold the full position on June 5 this year. Etherscan data cited in the report shows that the tokens were bought in a concentrated purchase on Oct. 15, 2025, when ENA traded around $0.44. By the time they were sold on June 5, the token had fallen below $0.10. The report estimates the loss on that trade at close to $20 million.
Net result from tracked trades stays positive
Multicoin also traded tokens including SOL and WLD from late last year through the first half of this year, but those holdings remain open, so the report does not calculate a final profit or loss for them.
The article’s overall view is that Multicoin successfully bought into the renewed privacy narrative through ZEC and captured the revival around Hyperliquid through HYPE, both at relatively favorable levels. At the same time, its purchases of AAVE and ENA near the end of last year reflected both a wrong call on the broader market direction and too much confidence in the staying power of those projects.
The report adds that while Aave and Ethena did make progress during that period, those gains did not translate into token-holder economics strongly enough to sustain prices after the narrative trade faded.
Based on the HYPE, AAVE and ENA trades that can currently be counted, Multicoin Capital still comes out ahead by more than $15 million. The article closes by saying the firm has long favored concentrated bets in high-conviction names, but that same style cuts both ways: after committing hundreds of millions of dollars, the estimated gain left on the table is still less than $20 million.