Kyle Samani’s Exit From Multicoin Sparks Debate Over Hyperliquid (HYPE) Investment

Kyle Samani, co-founder of Multicoin Capital and one of the crypto industry’s most influential Solana advocates, officially stepped down from the firm on February 5, 2026, after nearly a decade at the helm. Just days later, his public criticism of Hyperliquid (HYPE) has ignited speculation, especially as on-chain data indicates wallets linked to Multicoin accumulated more than $40 million worth of HYPE tokens in late January.

The timing has drawn intense scrutiny across crypto markets. While Samani stated upon departure that he would remain active in the crypto space, particularly within the Solana ecosystem, his sharp comments about Hyperliquid marked a clear ideological stance. In a widely shared social media post, Samani described Hyperliquid as “everything wrong with crypto,” criticizing its closed-source design, permissioned structure, and alleged regulatory and ethical concerns. These remarks stand in stark contrast to Multicoin’s apparent exposure to the HYPE token.

Blockchain analysts previously flagged significant ETH flows moving through intermediary wallets and ultimately rotating into HYPE over several days. Although no official confirmation has tied these purchases directly to Multicoin’s internal strategy, market observers quickly connected the dots, questioning whether internal disagreements over investment direction contributed to Samani’s exit.

Multicoin Capital has long been associated with a strong Solana-focused thesis. The firm championed transparent, yield-driven models through staking, DeFi, and capital-efficient infrastructure. Its major investments, including a $1.65 billion Solana treasury initiative with Forward Industries, reinforced this philosophy, emphasizing decentralization, open systems, and native blockchain yields.

Hyperliquid, by contrast, operates a high-performance decentralized perpetual futures exchange with its own blockchain, prioritizing speed, liquidity, and leverage. Critics point to its centralized validator model and closed-source code as fundamental trade-offs, while supporters argue that its revenue-sharing and token buyback mechanisms better align users with the platform.

Neither Multicoin nor Samani has publicly linked his departure to Hyperliquid or any specific portfolio decision. Still, the convergence of on-chain transparency, leadership change, and outspoken criticism has fueled an ongoing ideological debate within crypto. As HYPE’s price action shows signs of recovery, the episode highlights the broader tension between decentralization ideals and performance-driven infrastructure that continues to shape the digital asset industry.