Grayscale Shifts HYPE ETF Custody to Anchorage Digital Bank

TLDR

• Grayscale transitions custody of its HYPE ETF from Coinbase to Anchorage.
• The update reflects Grayscale’s strategy to diversify its custody providers for the HYPE ETF.
• Anchorage has been named as the new custodian in the latest HYPE ETF regulatory filing, replacing Coinbase.
• This change underscores the shifting dynamics within the cryptocurrency ETF sector.
• Grayscale is bolstering the HYPE ETF’s operational framework by utilizing Anchorage for custody.

(SeaPRwire) –   Grayscale Investments has updated its HYPE ETF application, appointing a new custodian while maintaining the fund’s fundamental structure. The amendment replaces Coinbase with Anchorage Digital Bank as the designated custodian for the HYPE ETF. This strategic pivot comes as the firm continues to navigate the regulatory environment to advance its HYPE ETF proposal.

Custody Shift Reshapes HYPE ETF Structure

In an amendment to its HYPE ETF filing, Grayscale Investments has named Anchorage Digital Bank as the primary custodian. Previously, Coinbase served in a dual capacity, providing both prime brokerage and custody services for the proposed fund; however, the updated documentation removes Coinbase from these roles.

As the first federally chartered crypto bank in the U.S., Anchorage brings an enhanced institutional framework to the HYPE ETF’s custody arrangements. The institution has been broadening its service offerings, which now include token lifecycle management, wealth management, and stablecoin support.

Grayscale already utilizes Anchorage as a secondary custodian for its Ethereum and Bitcoin trusts, though Coinbase continues to act as the primary custodian for those established products. This transition marks a broader effort by the firm to diversify its custody partners as it prepares for the HYPE ETF launch.

Market Context and Institutional Positioning

Currently, Coinbase Custody Trust Company holds the majority of assets for U.S. spot bitcoin ETFs, while Fidelity Digital Assets manages custody for its own bitcoin fund. Grayscale’s decision to adjust its custody provider for the HYPE ETF represents a notable shift in the prevailing industry landscape.

The operational core of the HYPE ETF remains unchanged, with The Bank of New York Mellon continuing to serve as the transfer agent. Furthermore, the fund will still utilize benchmark pricing data provided by CoinDesk.

Grayscale initially submitted its HYPE ETF proposal in March, following similar moves by industry peers. With firms like Bitwise and 21Shares also pursuing comparable products, competition remains a key factor in the HYPE ETF’s path toward regulatory approval.

Hyperliquid Growth Drives HYPE ETF Interest

Recent data indicates that Hyperliquid has become the leading on-chain decentralized exchange for perpetuals. Although U.S. regulations currently restrict domestic users from accessing the platform directly, the HYPE ETF is designed to offer indirect exposure to the protocol.

Hyperliquid’s significant expansion throughout 2025 has fueled demand for associated financial instruments. The HYPE ETF highlights the growing institutional appetite for blockchain-based derivatives platforms, and the fund’s structure includes provisions for optional staking, subject to regulatory approval.

As regulatory clarity improves, Grayscale continues to broaden its product offerings. The firm has also proposed funds tied to assets such as Zcash and BNB, with the HYPE ETF serving as a key component of its strategy to diversify its range of cryptocurrency investment vehicles.