Grayscale amended its Hyperliquid ETF filing on April 20, replacing Coinbase with Anchorage Digital Bank as custodian for the proposed fund, a switch that goes beyond operational logistics. Coinbase Custody Trust Company is the primary custodian for nearly all U.S.-traded spot bitcoin ETFs, making its removal from this filing a deliberate signal rather than a routine substitution.The core question: does swapping in a federally chartered bank custodian improve Grayscale’s regulatory positioning with the SEC on a fund tied to an asset whose underlying perps platform is currently ring-fenced from U.S. users?Key Takeaways:
Custodian change: Anchorage Digital Bank replaces Coinbase as custodian in Grayscale’s amended HYPE ETF S-1, filed April 20, 2026.
Anchorage’s regulatory status: First federally chartered crypto bank in the U.S., carrying OCC-granted qualified custodian designation – a distinction Coinbase does not hold.
Coinbase’s dominance context: Coinbase Custody Trust Company serves as primary custodian for nearly every U.S. spot bitcoin ETF; its absence here is structurally notable.
Anchorage’s recent valuation: Tether’s $100 million strategic equity investment in February 2026 valued the firm at $4.2 billion, up from $3 billion in its 2021 Series D.
Open approval question: Staking optionality in the HYPE ETF remains subject to separate regulatory approval; the fund would trade on Nasdaq under ticker GHYP if cleared.
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