Key Takeaways
- • Grayscale submitted an amended S-1 filing on April 20, 2026, designating Anchorage Digital Bank as the custodian for its proposed Hyperliquid (HYPE) ETF, replacing the previously named Coinbase Custody Trust Company.
- • Anchorage Digital now provides comprehensive custody and staking services across the Hyperliquid ecosystem, including HYPE custody on HyperEVM and HYPE staking on HyperCORE through its federally chartered bank and regulated Singapore entity.
- • The custody transition reflects Grayscale's existing relationship with Anchorage Digital, which already serves as a secondary custodian for Grayscale's Bitcoin and Ethereum trusts, extending institutional-grade infrastructure across multiple crypto asset classes.
- • Grayscale's HYPE ETF filing positions the asset manager in direct competition with Bitwise and 21Shares, both of which submitted spot Hyperliquid ETF applications in early 2025, signaling institutional acceleration into derivatives trading platforms.
Summary
Grayscale Investments updated its regulatory filing for a spot Hyperliquid ETF on April 20, 2026, designating Anchorage Digital Bank as the primary custodian for the proposed fund, according to an SEC S-1/A amendment filed on that date. The Delaware Statutory Trust, formed on January 8, 2026, originally listed Coinbase Custody Trust Company in its initial S-1 filing but shifted custody arrangements to Anchorage Digital in the amended submission. The fund, with proposed ticker "GHYP," is designed to hold the native HYPE token directly and track the performance of Hyperliquid's market price net of fund expenses.
Anchorage Digital has substantially expanded its infrastructure to support the entire Hyperliquid ecosystem, moving beyond custody into institutional-grade staking services. The firm now offers HYPE custody on HyperEVM through both Anchorage Digital Bank (the only federally chartered bank approved for staking services) and its Singapore-licensed entity, Anchorage Digital Singapore. Additionally, Anchorage provides HYPE staking on HyperCORE through a partnership with Figment, one of the leading independent staking infrastructure providers, and through Porto, Anchorage's institutional self-custody wallet platform. This multi-layered approach gives institutional clients flexibility to participate in Hyperliquid's ecosystem across regulated banking, offshore, and self-custody modalities.
The custody arrangement reflects Grayscale's established relationship with Anchorage Digital, which previously became a secondary custodian for the asset manager's Bitcoin and Ethereum trusts. By leveraging Anchorage as the custodian for HYPE, Grayscale consolidates relationships with a single institutional provider capable of managing multiple crypto asset classes and complex staking mechanics. Grayscale's HYPE ETF filing places the company alongside competitors Bitwise and 21Shares, both of which submitted spot Hyperliquid ETF applications in early 2025. The competitive race reflects broader institutional appetite for regulated crypto investment products following the SEC's landmark approvals for spot Bitcoin and Ethereum ETFs, establishing a regulatory pathway for single-asset crypto products accessible to traditional investors.
Anchorage Digital has substantially expanded its infrastructure to support the entire Hyperliquid ecosystem, moving beyond custody into institutional-grade staking services. The firm now offers HYPE custody on HyperEVM through both Anchorage Digital Bank (the only federally chartered bank approved for staking services) and its Singapore-licensed entity, Anchorage Digital Singapore. Additionally, Anchorage provides HYPE staking on HyperCORE through a partnership with Figment, one of the leading independent staking infrastructure providers, and through Porto, Anchorage's institutional self-custody wallet platform. This multi-layered approach gives institutional clients flexibility to participate in Hyperliquid's ecosystem across regulated banking, offshore, and self-custody modalities.
The custody arrangement reflects Grayscale's established relationship with Anchorage Digital, which previously became a secondary custodian for the asset manager's Bitcoin and Ethereum trusts. By leveraging Anchorage as the custodian for HYPE, Grayscale consolidates relationships with a single institutional provider capable of managing multiple crypto asset classes and complex staking mechanics. Grayscale's HYPE ETF filing places the company alongside competitors Bitwise and 21Shares, both of which submitted spot Hyperliquid ETF applications in early 2025. The competitive race reflects broader institutional appetite for regulated crypto investment products following the SEC's landmark approvals for spot Bitcoin and Ethereum ETFs, establishing a regulatory pathway for single-asset crypto products accessible to traditional investors.
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