TLDR
- Grayscale shifts HYPE ETF custody from Coinbase to Anchorage
- HYPE ETF update signals custody diversification by Grayscale
- Anchorage replaces Coinbase in Grayscale HYPE ETF filing
- HYPE ETF custody change highlights evolving crypto ETF landscape
- Grayscale strengthens HYPE ETF structure with Anchorage custody
Grayscale Investments has revised its filing for a HYPE ETF, shifting custody to a new provider while keeping core structure intact. The update replaces Coinbase with Anchorage Digital Bank as custodian for the HYPE ETF. The move signals a strategic adjustment as the firm advances its HYPE ETF proposal under evolving regulatory conditions.
Custody Shift Reshapes HYPE ETF Structure
Grayscale Investments amended its HYPE ETF filing to designate Anchorage Digital Bank as the primary custodian. Previously, Coinbase handled both prime brokerage and custody functions for the proposed HYPE ETF. However, the updated filing removes Coinbase from that dual role.
Anchorage operates as the first federally chartered crypto bank in the United States. Therefore, its selection strengthens the institutional framework supporting the HYPE ETF custody structure. The bank has expanded services across stablecoins, wealth management, and token lifecycle operations.
Grayscale already uses Anchorage as a secondary custodian for its Bitcoin and Ethereum trusts. Meanwhile, Coinbase remains the primary custodian for those existing products. This shift highlights a broader diversification strategy tied to the HYPE ETF rollout.
Market Context and Institutional Positioning
Coinbase Custody Trust Company currently secures most U.S. spot bitcoin exchange-traded funds. Meanwhile, Fidelity Digital Assets acts as custodian for its own bitcoin fund. Grayscale’s HYPE ETF adjustment introduces a rare change within the custody landscape.
The updated filing still lists The Bank of New York Mellon as transfer agent. Consequently, the operational backbone of the HYPE ETF remains consistent despite custody changes. The fund also maintains its reliance on CoinDesk benchmark pricing data.
Grayscale filed the initial HYPE ETF proposal in March following similar filings from peers. Firms such as 21Shares and Bitwise previously pursued related products. Therefore, competition continues to shape the HYPE ETF approval pathway.
Hyperliquid Growth Drives HYPE ETF Interest
Hyperliquid has emerged as the largest onchain perpetuals decentralized exchange based on recent market data. However, U.S. restrictions still limit direct platform access for domestic users. Despite this, the HYPE ETF aims to provide indirect exposure to the protocol.
Hyperliquid experienced rapid growth during 2025, boosting demand for related financial products.The HYPE ETF reflects rising institutional interest in derivatives-focused blockchain platforms. The fund structure includes optional staking, pending regulatory clearance.
Grayscale continues expanding its product pipeline under improved regulatory clarity. The firm has proposed additional funds linked to assets like BNB and Zcash. The HYPE ETF represents part of a broader push to diversify crypto investment vehicles.
