In a significant strategic shift, Grayscale Investments has updated its regulatory filing for the proposed Hyperliquid ETF (ticker: HYPE), replacing Coinbase Custody with Anchorage Digital Bank as its primary custodian. The change was disclosed in an amended S-1 filing with the Securities and Exchange Commission (SEC) on March 15, 2025.
This move marks a notable departure from Grayscale's historical reliance on Coinbase, which has served as the custodian and broker for its other exchange-traded products, including its flagship Bitcoin Trust (GBTC). The decision is particularly striking given Coinbase Custody's current dominance, safeguarding assets for the vast majority of spot Bitcoin ETFs trading in the United States.
Grayscale's selection of Anchorage Digital, the first federally chartered cryptocurrency bank in the country, is seen as a move to diversify its technical infrastructure and mitigate concentration risk during a period of aggressive expansion. Anchorage Digital's status as a nationally chartered bank under the Office of the Comptroller of the Currency (OCC) provides a unique regulatory framework, offering institutional investors additional confidence regarding compliance and oversight.
The proposed HYPE ETF aims to provide exposure to Hyperliquid, which is currently the largest derivatives decentralized exchange (DEX) by volume, with a market value exceeding $9 billion. The fund seeks to consolidate Hyperliquid's institutional presence and is slated for listing on Nasdaq, pending regulatory approval from the SEC.
Industry analysts view this custody change as a sign of maturation within the crypto custody ecosystem, where alternative players like Anchorage Digital are gaining ground against established giants. The decision introduces welcome diversification, potentially reducing systemic risk and encouraging competition, which could benefit the entire industry by improving service quality and security standards for institutional products.
