Key Takeaways
- • Grayscale Investments amended its SEC filing for the proposed Hyperliquid (HYPE) ETF on April 20, 2026, replacing Coinbase Custody with Anchorage Digital Bank as the primary custodian.
- • The ETF, designated to trade on Nasdaq under ticker GHYP, continues to await regulatory approval regarding staking capabilities and will utilize CoinDesk's pricing data.
- • Anchorage Digital Bank's appointment aligns with Grayscale's existing custodial strategy, as the firm already uses Anchorage for portions of its Bitcoin and Ethereum trusts.
- • The custodian change represents a significant operational shift in a high-profile crypto ETF filing, potentially signaling evolving preferences among asset managers for custody infrastructure providers.
Summary
Grayscale Investments submitted an amended regulatory filing on April 20, 2026, for its proposed Hyperliquid spot exchange-traded fund, designating Anchorage Digital Bank as the fund's primary digital asset custodian. The change replaces Coinbase Custody, which was listed in earlier versions of the application. The proposed fund is scheduled to trade on Nasdaq under the ticker GHYP and remains subject to SEC approval, particularly regarding the fund's staking capabilities.
This custodial shift reflects Grayscale's broader operational decisions within the cryptocurrency asset management space. Anchorage Digital Bank's appointment follows the firm's prior decision to utilize Anchorage as a custodian for portions of its established Bitcoin and Ethereum trusts, suggesting a consolidation of custody relationships with a single regulated provider. The selection of Anchorage—a major, regulated custodial service provider—underscores institutional emphasis on mitigating custody risk through established financial infrastructure.
The amended filing confirms that the proposed Hyperliquid ETF will rely on CoinDesk pricing data for valuation. Regulatory approval remains pending, with the SEC review process likely to focus on the fund's proposed staking mechanisms and overall compliance framework. The amendment demonstrates standard evolution within the ETF approval process, where asset managers may adjust operational parameters, including custodial arrangements, as regulatory feedback is received or business strategy evolves.
This custodial shift reflects Grayscale's broader operational decisions within the cryptocurrency asset management space. Anchorage Digital Bank's appointment follows the firm's prior decision to utilize Anchorage as a custodian for portions of its established Bitcoin and Ethereum trusts, suggesting a consolidation of custody relationships with a single regulated provider. The selection of Anchorage—a major, regulated custodial service provider—underscores institutional emphasis on mitigating custody risk through established financial infrastructure.
The amended filing confirms that the proposed Hyperliquid ETF will rely on CoinDesk pricing data for valuation. Regulatory approval remains pending, with the SEC review process likely to focus on the fund's proposed staking mechanisms and overall compliance framework. The amendment demonstrates standard evolution within the ETF approval process, where asset managers may adjust operational parameters, including custodial arrangements, as regulatory feedback is received or business strategy evolves.
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