Grayscale Updates Hyperliquid ETF Filing With Anchorage as Custodian Instead of Coinbase

Grayscale Investments has amended its proposed Hyperliquid linked exchange traded fund filing, naming Anchorage Digital Bank as custodian in place of Coinbase. The revised submission was filed with the U.S. Securities and Exchange Commission, marking a notable change given Coinbase’s dominant role as custodian for most U.S. spot Bitcoin ETFs.

Grayscale had previously used Anchorage as a secondary custodian for portions of its Bitcoin and Ethereum trust holdings, while Bank of New York Mellon remains listed as the transfer agent for the proposed HYPE ETF.

Hyperliquid ETF Proposal Builds on Expanding Institutional Demand

The proposed fund would track the native token of Hyperliquid and is expected to trade on Nasdaq under the ticker GHYP if approved. The filing also notes that staking features remain subject to regulatory approval.

Anchorage, founded in 2017, has expanded rapidly in recent months, including stablecoin services and wealth management offerings. The firm also onboarded Tron after regulatory scrutiny involving founder Justin Sun.

In February, Tether made a $100 million equity investment in Anchorage, valuing the company at approximately $4.2 billion. Reports indicate Anchorage is preparing for a potential public listing as institutional demand for crypto custody services continues to grow.

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