Kyle Samani stepped down from Multicoin Capital on February 5, 2026, after nearly ten years as co-founder. Today he openly criticizes Hyperliquid (HYPE), while on-chain data shows that Multicoin has purchased over $40 million in HYPE tokens.
The short time between both events raises speculation that internal conflicts over investment strategy led to the departure of one of the most well-known Solana advocates within the crypto industry.
Multicoin, Hyperliquid and Kyle Samani: coincidence or clash?
The announcement of Samani's departure on February 5 marked a significant change for Multicoin Capital, a leading player in institutional crypto investments.
Despite his departure, Samani indicated he would remain involved in the crypto world, particularly within the Solana ecosystem.
The announcement came just a few days after MLM analysts marked wallets presumably linked to Multicoin that gathered large amounts of Hyperliquid's HYPE token in January.
They pointed to purchases worth tens of millions of dollars. Further research shows that large ETH flows over several days went to HYPE via intermediary wallets.
Notably, there is no official confirmation linking these transactions directly to Multicoin's internal strategy.
Today, on February 8, three days after his official departure, Samani openly criticizes Hyperliquid on social media, making his stance clear.
"Hyperliquid is, in many ways, exactly what is wrong with crypto. The founder literally fled his home country to build Openly, which facilitates crime and terrorism. Closed source. Permission needed," Samani wrote in a post.
This fierce criticism stands in contrast to Multicoin's large-scale investment in HYPE tokens. This raises questions about whether Samani's opinion clashed with the company's recent decisions, which may have contributed to his departure.
Solana investment philosophy vs HYPE Strategy
Multicoin Capital built its reputation as a vocal supporter of Solana. In September 2025, the firm led a private investment of $1.65 billion in Forward Industries, alongside Jump Crypto and Galaxy Digital, to create "the largest Solana treasury company in the world."
Samani was appointed as the chairman of the Board of Forward Industries, highlighting his role in Multicoin's Solana focus.
The Solana investment strategy revolved around transparent income through staking, DeFi protocols, and efficient capital usage. Multicoin emphasized that Solana offered better economic benefits than Bitcoin treasury models, with a native yield of 8.05% in September 2025.
The company also released research on Solana projects such as Jito, which managed more than 94% of all Solana stake through custom block production technology in March 2025.
Hyperliquid, meanwhile, follows a different approach. This platform is a decentralized perpetual futures exchange with its own blockchain.
It is popular due to high leverage and low costs, but it receives criticism for its centralized validator system, closed source code, and regulatory risks. These characteristics seem to be contrary to the principles that Samani advocated at Multicoin.
The tensions between strategies became clearer as analysts speculated more about internal relations.
"Does this mean they couldn't buy HYPE as long as Kyle led the fund, and that his departure coincides with the large HYPE purchase by Multicoin?" a user wondered.
Kyle Samani has not directly responded to BeInCrypto's request for comment.
Supporters defend Hyperliquid: Samani's departure sparks ideological debate
Some investors and traders react strongly against Samani's criticism. They believe that Hyperliquid is returning to the original principles of crypto, rather than deviating from them.
Hyperliquid's choice to use revenue directly for token buybacks and community rewards shows a model that aligns users and infrastructure better than many projects supported by investors.
This division reflects a deeper ideological difference in the crypto market. On one side are investors who see transparency, decentralization, and community ownership as foundational principles.
On the other hand, there are people who prioritize performance, liquidity, and professional infrastructure, even if that requires compromises in governance or design.
Samani's departure is not officially linked to a specific investment decision. Neither Multicoin nor Samani have publicly stated that Hyperliquid or adjustments in the portfolio played a role in this transition.
Sometimes changes in leadership at venture firms stem from long-term strategic choices, personal reasons, or considerations about the fund structure that are not visible to outsiders.
However, the timing cannot be ignored by the market. In the crypto sector, where narratives spread quickly, on-chain transparency and speculation on social media often fill the gaps of limited official information.
Meanwhile, the HYPE token shows signs of recovery, with a higher low on the 4-hour chart. This could indicate a trend reversal if the momentum with buyers continues.