Key Takeaways
- • Grayscale amended its Hyperliquid ETF (HYPE) filing with the SEC on April 21, 2026, replacing Coinbase Custody with Anchorage Digital Bank as the primary custodian, while Bank of New York Mellon remains transfer agent.
- • Anchorage Digital Bank, the first federally chartered crypto bank in the United States (founded 2017), becomes Grayscale's primary custodian for the HYPE ETF after previously serving as secondary custodian for Grayscale's Bitcoin and Ethereum trusts.
- • The custodian shift reduces Coinbase's custody footprint in the crypto ETF landscape, where Coinbase Custody Trust Company currently serves as primary custodian for nearly all U.S.-traded spot Bitcoin ETFs, with Fidelity Digital Assets as a notable exception.
- • Anchorage has rapidly expanded institutional crypto services in recent months, including stablecoin offerings, wealth management, token lifecycle management, and becoming the first U.S. firm to onboard Tron staking following regulatory clarity from the SEC.
Summary
Grayscale Investments filed an amended application with the U.S. Securities and Exchange Commission on April 21, 2026, for its proposed Hyperliquid exchange-traded fund, designating Anchorage Digital Bank as the fund's custodian in place of Coinbase Custody. The Bank of New York Mellon continues in its role as transfer agent. This represents a significant custody arrangement shift in the institutional crypto ETF space, where Coinbase has maintained dominant market position as primary custodian for the vast majority of U.S.-traded spot Bitcoin ETFs.
Anchorage Digital Bank, founded in 2017 and holding the distinction of being the first federally chartered crypto bank in the United States, previously maintained a secondary custodial relationship with Grayscale for portions of the firm's Bitcoin and Ethereum trust holdings. The elevation to primary custodian status for the HYPE ETF reflects growing confidence in Anchorage's institutional-grade custody infrastructure and regulatory standing. The custodial arrangement underscores a diversification strategy among asset managers seeking alternatives to Coinbase's concentrated custody role.
Anchorage has substantially expanded its institutional crypto service offerings in recent months, extending beyond traditional custody into stablecoin management, wealth management services, and token lifecycle management. Most notably, the firm became the first U.S.-based custodian to onboard Tron following regulatory resolution around Tron founder Justin Sun's business activities, with plans to introduce Tron-staking products. These expansions position Anchorage as a competitive alternative custodian as the crypto ETF landscape continues to mature and diversify beyond Bitcoin and Ethereum products.
The Hyperliquid protocol, whose native HYPE token was listed by Coinbase in February 2026, experienced significant growth throughout 2025. The protocol's perpetuals DEX platform remains ring-fenced in the United States. The amendment to Grayscale's ETF application represents an effort to secure regulatory approval for a spot ETF vehicle tracking Hyperliquid, as the SEC continues evaluating requests for alternative crypto ETF approvals beyond the established Bitcoin and Ethereum spot ETF complex.
Anchorage Digital Bank, founded in 2017 and holding the distinction of being the first federally chartered crypto bank in the United States, previously maintained a secondary custodial relationship with Grayscale for portions of the firm's Bitcoin and Ethereum trust holdings. The elevation to primary custodian status for the HYPE ETF reflects growing confidence in Anchorage's institutional-grade custody infrastructure and regulatory standing. The custodial arrangement underscores a diversification strategy among asset managers seeking alternatives to Coinbase's concentrated custody role.
Anchorage has substantially expanded its institutional crypto service offerings in recent months, extending beyond traditional custody into stablecoin management, wealth management services, and token lifecycle management. Most notably, the firm became the first U.S.-based custodian to onboard Tron following regulatory resolution around Tron founder Justin Sun's business activities, with plans to introduce Tron-staking products. These expansions position Anchorage as a competitive alternative custodian as the crypto ETF landscape continues to mature and diversify beyond Bitcoin and Ethereum products.
The Hyperliquid protocol, whose native HYPE token was listed by Coinbase in February 2026, experienced significant growth throughout 2025. The protocol's perpetuals DEX platform remains ring-fenced in the United States. The amendment to Grayscale's ETF application represents an effort to secure regulatory approval for a spot ETF vehicle tracking Hyperliquid, as the SEC continues evaluating requests for alternative crypto ETF approvals beyond the established Bitcoin and Ethereum spot ETF complex.
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