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Grayscale Investments has updated its HYPE ETF application, transferring custodial responsibilities to a different service provider. The amended documentation names Anchorage Digital Bank as the new custodian, replacing Coinbase in this operational role as Grayscale continues developing its HYPE ETF amid evolving regulatory conditions.
The latest amendment to Grayscale’s HYPE ETF filing establishes Anchorage Digital Bank as the designated custodian. In the original submission, Coinbase performed both prime brokerage and custodial duties for the proposed fund. The revised documentation removes Coinbase from these combined functions.
Anchorage is described in the filing as America’s first federally chartered digital asset bank. Grayscale’s appointment of Anchorage is positioned as an effort to strengthen the institutional credibility of the custody arrangement. The bank’s broader offerings include stablecoins, wealth advisory services, and token management.
Grayscale previously engaged Anchorage as a backup custodian for its Bitcoin and Ethereum investment vehicles. In contrast, Coinbase continues serving as the main custodian for those established products. The HYPE ETF custody change therefore reflects a diversification approach connected to the fund’s launch.
Coinbase Custody Trust Company is currently described as safeguarding the majority of American spot bitcoin exchange-traded products. Fidelity Digital Assets is described as providing custody exclusively for its proprietary bitcoin offering. Against that backdrop, Grayscale’s custody modification for the HYPE ETF is characterized as an uncommon shift within the existing U.S. custody ecosystem.
The amended submission continues to list The Bank of New York Mellon as the transfer agent, indicating that core operational elements of the HYPE ETF remain unchanged despite the custodian update. The product also continues to rely on CoinDesk benchmark pricing information.
Grayscale submitted its original HYPE ETF application in March, alongside similar filings from other market participants. The article notes that 21Shares and Bitwise had previously pursued comparable investment vehicles, keeping competitive dynamics relevant to the regulatory review process.
Hyperliquid is described as the dominant onchain perpetual futures decentralized trading platform based on current market metrics. However, regulatory barriers are noted as preventing direct platform participation for American traders. The HYPE ETF is presented as a way to provide indirect investment exposure to the underlying protocol.
The article states that Hyperliquid expanded significantly throughout 2025, contributing to increased interest in related financial instruments. It also frames the HYPE ETF as reflecting growing institutional appetite for derivatives-focused blockchain ecosystems.
The fund structure includes optional staking features, which are described as subject to regulatory authorization. Grayscale is also described as continuing to expand its broader cryptocurrency-related product portfolio, including additional proposals tied to BNB and Zcash. The HYPE ETF is described as one component of that wider initiative to broaden digital asset investment options.
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