Multicoin Capital Seen Reducing AAVE Stake After 55% Drop and $40M+ Paper Loss

Multicoin Capital appears to be trimming an AAVE position built via Galaxy Digital's OTC desk, after AAVE fell about 55% from its average entry. The firm received 338,005 AAVE between October 13 and November 25, 2025, implying roughly $73.7 million of exposure at about $218 per token. With AAVE trading near $97, the position is valued around $32.8 million, leaving it more than $40 million underwater.