Key Takeaways
- Multicoin Capital deposited all 286,057 AAVE tokens ($26.68M) into Coinbase Prime on Might 16.
- The fund purchased 338,005 AAVE at a median of $218 per token in late 2025, now down almost 60% to $88.
- Coinbase Prime deposits by institutional funds traditionally are likely to precede massive structured OTC exits.
How the Place Was Constructed
Onchain information reveals Multicoin Capital transferring its complete remaining Aave (AAVE) place of 286,057 tokens into Coinbase Prime. At AAVE’s present worth of roughly $89, the batch is price roughly $26 million. The transfer comes after what has turn into one of many extra pricey public trades of the present cycle for a serious crypto fund.
As Bitcoin.com Information beforehand reported, Multicoin Capital amassed 338,005 AAVE tokens between October 13 and November 25, 2025, routing purchases by Galaxy Digital’s over-the-counter (OTC) desk. The fund spent roughly $73.7 million to construct the place at a median worth of $218 per token.
Aave (AAVE) is the governance and fee-sharing token of the Aave protocol, the biggest decentralized finance ( DeFi) lending platform by whole worth locked. Multicoin’s thesis possible centered on Aave’s continued development as DeFi exercise scaled in a brand new bull cycle, a guess that has not paid off. Regardless of bitcoin surpassing $100,000 in 2026, DeFi governance tokens broadly underperformed the bitcoin-led market.
The Losses
With AAVE close to $90, Multicoin’s authentic 338,005-token place is price roughly $31 million towards an outlay of $73.7 million, leading to an unrealized lack of over $40 million (a 55% drawdown from entry).
Earlier in Might, the fund moved parts of its AAVE to Galaxy Digital OTC wallets and BitGo, main many to consider it was a staged exit. The Might 16 deposit strikes the complete remaining stability to Coinbase Prime in a single transaction, bolstering the sentiment additional.
The 286,057-token batch is important relative to AAVE’s common day by day buying and selling quantity, and any sale of that measurement would possible be damaged up and routed by OTC channels to attenuate slippage, precisely the transaction kind Coinbase Prime is constructed to deal with.
With Aave’s worth being range-bound between $88 and $100 for a number of weeks, a switch of this magnitude may characterize a basic shift from accumulation to offloading on Multicoin’s behalf.
