Key Takeaways
- • Grayscale has amended its SEC filing for the proposed Hyperliquid (HYPE) ETF, replacing Coinbase Custody with Anchorage Digital Bank as the sole digital asset custodian, effective as of April 20, 2026.
- • Anchorage Digital Bank, a federally chartered crypto bank, will now handle secure storage of the ETF's underlying HYPE holdings under a regulated banking framework, marking a complete removal of Coinbase from all custody and operational capacities.
- • The Bank of New York Mellon remains designated as transfer agent, responsible for administrative functions including record-keeping, share issuance, and settlement processes for the ETF.
- • The custody transition reflects a broader institutional shift toward federally chartered crypto banking infrastructure for digital asset safeguarding in regulated ETF structures.
Summary
Grayscale has filed an amended registration statement with the U.S. Securities and Exchange Commission for its proposed Hyperliquid ETF, introducing a significant operational restructuring centered on custody arrangements. The primary modification involves the replacement of Coinbase Custody with Anchorage Digital Bank as the sole custodian responsible for safeguarding the fund's HYPE token holdings. This change represents a complete exit of Coinbase from the ETF structure—the company no longer appears in any custody or operational capacity within the revised framework, marking a substantial departure from the earlier proposal design where Coinbase held a central custodial role.
Anchorage Digital Bank, operating as a federally chartered crypto bank in the United States, brings a regulated banking framework to the arrangement. This status permits Anchorage to provide institutional-grade digital asset custody services while operating under federal oversight, a structural advantage that appears to have influenced Grayscale's decision to transition away from Coinbase's non-bank custody model. The updated filing confirms that The Bank of New York Mellon will continue serving as transfer agent, managing administrative functions including record-keeping, fund share issuance, and settlement operations tied to ETF operations.
The amendment underscores a notable evolution in how institutional cryptocurrency products are being architected. The movement toward federally chartered custodians reflects institutional investor demands for regulated banking infrastructure rather than crypto-native custody solutions. This custody reconfiguration signals confidence in Anchorage's regulatory standing and operational capacity while potentially indicating reassessment of non-bank custody arrangements for mainstream institutional ETF vehicles tracking decentralized derivatives protocols like Hyperliquid.
Anchorage Digital Bank, operating as a federally chartered crypto bank in the United States, brings a regulated banking framework to the arrangement. This status permits Anchorage to provide institutional-grade digital asset custody services while operating under federal oversight, a structural advantage that appears to have influenced Grayscale's decision to transition away from Coinbase's non-bank custody model. The updated filing confirms that The Bank of New York Mellon will continue serving as transfer agent, managing administrative functions including record-keeping, fund share issuance, and settlement operations tied to ETF operations.
The amendment underscores a notable evolution in how institutional cryptocurrency products are being architected. The movement toward federally chartered custodians reflects institutional investor demands for regulated banking infrastructure rather than crypto-native custody solutions. This custody reconfiguration signals confidence in Anchorage's regulatory standing and operational capacity while potentially indicating reassessment of non-bank custody arrangements for mainstream institutional ETF vehicles tracking decentralized derivatives protocols like Hyperliquid.
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