Between October 13 and November 25, 2025, Multicoin Capital received 338,005 AAVE tokens from a Galaxy Digital OTC wallet at an average price of approximately $218 per token, representing a total outlay of around $73.7 million. The purchases were spread across several tranches, including a block of 210,000 AAVE acquired after the October 11 market sell-off and a further 61,637 AAVE on November 25 at approximately $10.94 million.
AAVE is currently trading near $97, down sharply from the $218 average entry. At current prices, Multicoin’s 338,005-token position is worth approximately $32.8 million, implying an unrealized loss of over $40 million, or roughly 55% of the original outlay.
DeFi Blue Chips Under PressureIf Multicoin proceeds with a full or partial exit, the added sell pressure could weigh further on AAVE in the near term, particularly if the firm unwinds at market rather than through another OTC arrangement.
