Key Highlights
- Grayscale replaces Coinbase with Anchorage Digital Bank for HYPE ETF custody
- Filing amendment demonstrates custody diversification strategy
- Anchorage Digital Bank assumes custodial responsibilities in updated documents
- Custody transition reflects changing dynamics in crypto ETF infrastructure
- Grayscale enhances institutional framework for HYPE ETF with new custodian
Grayscale Investments has updated its HYPE ETF application, transitioning custodial services to a different provider while maintaining the fund’s fundamental architecture. The revised documentation names Anchorage Digital Bank as the new custodian, replacing Coinbase in this critical role. This adjustment represents a tactical repositioning as Grayscale continues pursuing approval for its HYPE ETF amid shifting regulatory circumstances.
New Custodian Transforms HYPE ETF Infrastructure
The amended filing from Grayscale Investments establishes Anchorage Digital Bank as the designated custodian for the proposed HYPE ETF. In the original submission, Coinbase served both prime brokerage and custody responsibilities. The latest version eliminates Coinbase from these combined functions.
As America’s first federally chartered digital asset bank, Anchorage brings enhanced institutional credibility to the HYPE ETF custody arrangement. The financial institution has broadened its service portfolio to encompass stablecoin solutions, private wealth services, and comprehensive digital asset management.
Grayscale currently employs Anchorage as a backup custodian for its Bitcoin and Ethereum trust products. However, Coinbase continues serving as the principal custodian for those established offerings. The transition underscores a wider diversification approach connected to the HYPE ETF development.
Industry Landscape and Strategic Positioning
Coinbase Custody Trust Company presently safeguards the majority of U.S. spot bitcoin exchange-traded products. Separately, Fidelity Digital Assets provides custody for its proprietary bitcoin investment vehicle. The HYPE ETF custodian switch by Grayscale represents an uncommon development in the custody sector.
The revised submission continues to designate The Bank of New York Mellon as the transfer agent. As a result, the operational infrastructure supporting the HYPE ETF stays largely unchanged beyond the custody modification. The fund continues utilizing CoinDesk’s benchmark indices for pricing information.
Grayscale submitted its original HYPE ETF application in March, joining comparable filings from industry competitors. Organizations including 21Shares and Bitwise had previously submitted similar product proposals. Ongoing competition therefore influences the HYPE ETF regulatory approval process.
Platform Expansion Fuels HYPE ETF Demand
Based on current market metrics, Hyperliquid has become the dominant onchain perpetuals decentralized trading platform. Nevertheless, regulatory constraints prevent U.S. residents from directly accessing the platform. The HYPE ETF seeks to offer American investors alternative exposure to this protocol.
Hyperliquid saw substantial expansion throughout 2025, increasing appetite for associated investment products. The HYPE ETF demonstrates growing institutional appetite for blockchain platforms specializing in derivatives trading. Subject to regulatory approval, the fund structure incorporates optional staking capabilities.
Grayscale maintains its momentum in expanding product offerings amid evolving regulatory frameworks. The asset manager has submitted proposals for additional funds tracking assets including BNB and Zcash. The HYPE ETF forms part of an extensive initiative to broaden crypto investment options.
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