Key Highlights
- Anchorage Digital Bank named as new custodian for Grayscale HYPE ETF
- Coinbase removed from custody role in amended filing
- Strategic custody diversification by Grayscale for HYPE ETF product
- Anchorage selection reinforces institutional-grade infrastructure
- Custody transition reflects evolving crypto ETF market dynamics
Grayscale Investments has updated its HYPE ETF application, transferring custodial responsibilities to a different service provider. The amended documentation names Anchorage Digital Bank as the new custodian, replacing Coinbase in this critical operational role. This modification represents a tactical repositioning as Grayscale continues developing its HYPE ETF product amid shifting regulatory frameworks.
Anchorage Digital Bank Assumes Custodial Responsibilities
The latest amendment to Grayscale’s HYPE ETF filing establishes Anchorage Digital Bank as the designated custodian. In the original submission, Coinbase performed both prime brokerage and custodial duties for the proposed fund. The revised documentation eliminates Coinbase from these combined functions.
Anchorage holds the distinction of being America’s first federally chartered digital asset bank. Consequently, appointing Anchorage enhances the institutional credibility underlying the HYPE ETF custody arrangement. The financial institution has broadened its offerings to encompass stablecoins, wealth advisory services, and comprehensive token management.
Grayscale previously engaged Anchorage as a backup custodian for its Bitcoin and Ethereum investment vehicles. Conversely, Coinbase continues serving as the main custodian for those established products. This custody transition underscores a wider diversification approach connected to the HYPE ETF launch.
Competitive Landscape and Infrastructure Considerations
Coinbase Custody Trust Company presently safeguards the majority of American spot bitcoin exchange-traded products. In contrast, Fidelity Digital Assets provides custody exclusively for its proprietary bitcoin offering. The HYPE ETF custody modification by Grayscale represents an uncommon shift in this established ecosystem.
The revised submission continues listing The Bank of New York Mellon in its transfer agent capacity. Thus, the foundational operations of the HYPE ETF stay unchanged notwithstanding the custody transition. The product also retains its dependence on CoinDesk benchmark pricing information.
Grayscale submitted its original HYPE ETF application in March alongside comparable submissions from industry competitors. Organizations including 21Shares and Bitwise had earlier pursued similar investment vehicles. As a result, competitive pressures continue influencing the HYPE ETF regulatory approval process.
Hyperliquid Platform Expansion Fuels HYPE ETF Demand
Hyperliquid currently ranks as the dominant onchain perpetual futures decentralized trading platform according to current market metrics. Nevertheless, regulatory barriers continue preventing direct platform participation for American traders. Notwithstanding these constraints, the HYPE ETF seeks to deliver indirect investment exposure to the underlying protocol.
Hyperliquid witnessed substantial expansion throughout 2025, amplifying interest in associated financial instruments. The HYPE ETF exemplifies growing institutional appetite for derivatives-oriented blockchain ecosystems. The fund architecture incorporates optional staking features, subject to regulatory authorization.
Grayscale maintains momentum in expanding its investment product portfolio under enhanced regulatory transparency. The asset manager has introduced additional fund proposals tied to cryptocurrencies including BNB and Zcash. The HYPE ETF constitutes one component of an extensive initiative to broaden digital asset investment options.
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Source: https://blockonomi.com/grayscale-replaces-coinbase-with-anchorage-for-hype-etf-custody-services/