HYPE Lands in Hashdex's NCIQ at 3.36% as Multicoin Ships $59 Million to Coinbase

Hyperliquid's HYPE token entered the Nasdaq CME Crypto Index ETF (ticker NCIQ) on September 1, 2026, at a 3.36% weighting, becoming the fund's fifth-largest holding with $431.37 million in net assets behind it. The addition reduced Bitcoin's share from 78% to 74.36% and brought NCIQ's total to nine assets. At the same time, Multicoin Capital, one of HYPE's most visible institutional holders, was routing roughly $59 million worth of the token to Coinbase over the preceding 30 days.

HYPE entered through NCIQ's quarterly rebalancing after meeting the fund's requirements for liquidity, market capitalisation, and custody support, along with SEC generic listing standards for crypto exchange-traded products. An SEC order also lets NCIQ hold up to 15% of assets in positions that do not clear the strictest listing bar. The fund launched in February 2025 with two assets; nine is the current count. Grayscale has also launched a Hyperliquid staking ETF this year, and 30 institutions including UBS, Jane Street, and Bank of Montreal held a combined $75 million across HYPE funds, giving the token multiple footholds in regulated products.

How the inventory moved

Multicoin built its position across February and March, accumulating roughly 4 million HYPE. On June 25, the firm published a research report projecting that Hyperliquid could generate about $8 billion in annual earnings by 2028, placing its base-case valuation for HYPE at $319. The token was trading near $63 at the time. Starting in July, Multicoin began moving inventory the other direction: 395,570 HYPE worth about $23.8 million went to Coinbase Prime on July 21 and 22, followed by 86,000 tokens worth about $4.78 million shortly after, and further transfers of between 136,000 and 173,000 HYPE worth roughly $10 million each through mid-to-late August. Onchain Lens tracked the cumulative flow at about $59 million over 30 days. About $90.5 million worth remains as Multicoin's largest publicly visible on-chain position, after the firm sold close to 75% of what it built in early 2026.

On July 16, between those Coinbase transfers, Multicoin put $1.75 million into Trasia Labs, a perpetual futures platform built on Hyperliquid. A position trim and an ecosystem bet, moving in parallel.

HYPE reached an all-time high of $84.80 in late August and has traded in the $80 to $89 range so far in September, giving it a market capitalisation of about $20.33 billion. Hyperliquid has directed roughly 99% of its protocol revenue toward buying back and burning HYPE, providing a consistent bid from the network itself.

What to watch

The clearest things in focus are Multicoin's remaining $90.5 million position, HYPE's 3.36% slot in NCIQ, and the $78 to $80 support area the token has held above in early September. Quarterly rebalancing will determine whether the weighting holds. The next data point is the pace of Multicoin's Coinbase deposits: whether those transfers slow, hold steady, or accelerate from the roughly $59 million moved in the 30 days before the ETF addition.