Multicoin Capital has moved all 286,057 of its remaining aave tokens, worth approximately $26.68 million, into Coinbase Prime, the clearest signal yet that the fund is exiting a position sitting on over $40 million in losses.
Key Takeaways:
Multicoin Capital deposited all 286,057 AAVE tokens ($26.68M) into Coinbase Prime on May 16. The fund bought 338,005 AAVE at an average of $218 per token in late 2025, now down nearly 60% to $88. Coinbase Prime deposits by institutional funds historically tend to precede large structured OTC exits.With AAVE near $90, Multicoin’s original 338,005-token position is worth approximately $31 million against an outlay of $73.7 million, resulting in an unrealized loss of over $40 million (a 55% drawdown from entry).
Earlier in May, the fund moved portions of its AAVE to Galaxy Digital OTC wallets and BitGo, leading many to believe it was a staged exit. The May 16 deposit moves the full remaining balance to Coinbase Prime in a single transaction, bolstering the sentiment further.
With Aave’s price being range-bound between $88 and $100 for several weeks, a transfer of this magnitude could represent a fundamental shift from accumulation to offloading on Multicoin’s behalf.
