In a significant move for the crypto ETF landscape, Grayscale has amended its proposed Hyperliquid ETF filing, naming Anchorage Digital Bank as the custodian instead of Coinbase. This change, reported on April 20, 2026, highlights a growing trend among issuers to diversify their custody infrastructure beyond Coinbase, which currently dominates the market.
Data from CryptoSlate reveals that Coinbase serves as custodian or primary custodian for approximately $77.10 billion, or 84.1%, of total US spot Bitcoin ETF assets under management (AUM), which reached $91.71 billion by April 8. A stricter accounting still shows $74.06 billion, or 80.8%, tied to Coinbase. This concentration poses operational and reputational risks, as any disruption at Coinbase—such as outages, settlement issues, or regulatory pressure—could have market-wide spillover effects.
Grayscale's switch to Anchorage, the first federally chartered crypto-native bank in the US, is part of a broader shift. BlackRock had previously added Anchorage as a secondary custodian in April 2025 for its spot crypto ETFs. The move reflects a maturing market that seeks redundancy and resilience, especially as newer products like Hyperliquid, which involve perpetuals venues ring-fenced in the US, require a federally chartered custodian for added regulatory comfort.
Meanwhile, Coinbase remains a dominant force. On April 2, it received conditional approval from the Office of the Comptroller of the Currency to charter Coinbase National Trust Company, strengthening its institutional position. Major firms like Morgan Stanley continue to use Coinbase Custody alongside BNY for their Bitcoin exchange-traded products. However, the Grayscale amendment suggests that issuers are increasingly considering alternatives to reduce single-provider dependency.
The broader context is that the crypto ETF market has successfully attracted over $90 billion in AUM, but the infrastructure underneath is now under scrutiny. The next phase of institutionalization involves building a more resilient custody map that can support this growth without leaning too heavily on one provider. Grayscale's choice of Anchorage for its Hyperliquid ETF is a small but telling step in that direction.
