Key Highlights
- Grayscale submitted an amended SEC registration statement for its Hyperliquid ETF proposal.
- Anchorage Digital Bank has been designated as the primary custodian, replacing Coinbase Custody in the revised filing.
- The federally chartered digital bank will protect the fund’s HYPE token holdings under regulatory supervision.
- Coinbase has been completely removed from custody and operational responsibilities in the ETF framework.
- BNY Bank has been appointed to handle transfer agent duties for the Hyperliquid ETF.
Grayscale has filed a revised registration document for the Hyperliquid ETF with the US Securities and Exchange Commission. The updated submission designates Anchorage Digital Bank as the custodial institution instead of Coinbase Custody. BNY Bank will handle transfer agent responsibilities according to the amended filing.
Grayscale Reconfigures Hyperliquid ETF Service Providers
Grayscale submitted a modified S-1 registration document to the US Securities and Exchange Commission concerning the Hyperliquid ETF. The revised submission details alterations to the fund’s service provider arrangements and operational framework. The exchange-traded fund aims to provide investment exposure to HYPE, the native token of the Hyperliquid protocol.
According to the revised documentation, Grayscale has designated Anchorage Digital Bank as the exclusive custodial institution for the ETF. Anchorage will maintain secure storage of the fund’s HYPE token assets within a federally regulated banking environment. The submission indicates that Anchorage delivers institutional-grade digital asset custody solutions for qualified clients.
Grayscale eliminated Coinbase Custody from every operational function within the ETF framework. Previous versions of the filing identified Coinbase as the principal custodian for digital asset safekeeping. The current amended document contains no mention of Coinbase in any custodial or administrative role.
The registration statement additionally designates BNY Bank as the transfer agent. The financial institution will manage record maintenance, share creation, and settlement operations connected to the ETF. These functions support the fund’s routine administrative and operational requirements.
Custodial Transition Represents Strategic Restructuring
The amendment establishes Anchorage Digital Bank’s position as the custodial institution for the Hyperliquid ETF. Anchorage holds a federal charter as a cryptocurrency bank within the United States. This regulatory status enables the institution to operate under federal supervision while delivering digital asset custody capabilities.
Grayscale’s revised documentation demonstrates a complete migration from Coinbase to Anchorage. The filing presents this change as definitive rather than provisional. Anchorage appears throughout the document as the appointed entity responsible for secure HYPE token storage.
Coinbase has provided custodial services for numerous US-listed cryptocurrency investment vehicles. Multiple spot Bitcoin ETFs selected Coinbase for digital asset safekeeping in the past year. The Hyperliquid ETF filing establishes an alternative custody framework.
The updated structure creates separation between custody functions and trading platform infrastructure. Coinbase maintains both a digital asset exchange and a custody division for institutional clients. Hyperliquid operates as a decentralized derivatives platform associated with the ETF’s underlying exposure.
Grayscale’s submission eliminates any operational involvement for Coinbase within the ETF infrastructure. Earlier iterations of the product design included references to Coinbase in custodial and associated service capacities. The current amendment has removed these references from the official registration documentation.
The Hyperliquid ETF filing continues under evaluation by the US Securities and Exchange Commission. Grayscale maintains its pursuit of regulatory clearance for the proposed investment vehicle. The amended registration statement represents the most recent disclosed framework for the ETF structure.
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