Key Takeaways
- • Grayscale Hyperliquid Staking ETF (HYPG) added BitGo Bank & Trust as an additional custodian effective September 30, 2026, through Amendment Number 2 to the custodial services agreement filed as a prospectus supplement on October 5, 2026.
- • BitGo Trust will custody and safeguard a portion of the Trust's HYPE holdings in segregated, non-commingled custodial accounts, while Anchorage Digital remains the primary custodian.
- • The HYPG ETF manages approximately $217.8 million in assets and trades on NASDAQ under the symbol "HYPG."
- • The custody arrangement reduces concentration risk by introducing a second institutional custodian for digital asset holdings, addressing a critical operational consideration for institutional investors in crypto-staking products.
Summary
Grayscale Investments expanded the custody infrastructure for its Hyperliquid Staking ETF by designating BitGo Bank & Trust, National Association as an additional custodian for the fund's HYPE token holdings. The amendment to the custodial services agreement became effective on September 30, 2026, and was formally disclosed in a prospectus supplement filed October 5, 2026. This represents a structural enhancement to the fund's operational framework, distributed across two institutional custodians rather than relying on a single provider.
Under the amended BitGo Trust Custodian Agreement, HYPE assets held at BitGo Trust are maintained in segregated custodial accounts and are not commingled with other customer holdings or BitGo's own assets. Anchorage Digital Bank continues to serve as the primary custodian, with BitGo Trust now providing secondary custody coverage. This dual-custodian model is a common institutional safeguard that mitigates counterparty risk and provides redundancy in asset custody arrangements.
The HYPG ETF, which launched in June 2026, currently manages approximately $217.8 million in assets and is listed on NASDAQ under ticker HYPG. The addition of BitGo as a custodian aligns with broader institutional adoption patterns in cryptocurrency-staking products, where custody solutions from federally regulated institutions strengthen fiduciary oversight and reduce operational concentration risk. The prospectus supplement clarifies that Grayscale itself does not store, hold, or maintain custody of the fund's digital assets, positioning institutional custodians as the exclusive safekeepers of underlying HYPE holdings.
Under the amended BitGo Trust Custodian Agreement, HYPE assets held at BitGo Trust are maintained in segregated custodial accounts and are not commingled with other customer holdings or BitGo's own assets. Anchorage Digital Bank continues to serve as the primary custodian, with BitGo Trust now providing secondary custody coverage. This dual-custodian model is a common institutional safeguard that mitigates counterparty risk and provides redundancy in asset custody arrangements.
The HYPG ETF, which launched in June 2026, currently manages approximately $217.8 million in assets and is listed on NASDAQ under ticker HYPG. The addition of BitGo as a custodian aligns with broader institutional adoption patterns in cryptocurrency-staking products, where custody solutions from federally regulated institutions strengthen fiduciary oversight and reduce operational concentration risk. The prospectus supplement clarifies that Grayscale itself does not store, hold, or maintain custody of the fund's digital assets, positioning institutional custodians as the exclusive safekeepers of underlying HYPE holdings.
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