Grayscale Drops Coinbase From HYPE ETF, Names Anchorage Custodian
Grayscale filed an amended SEC application for its proposed HYPE Hyperliquid ETF, replacing Coinbase Custody Trust Company as custodian with Anchorage Digital Bank. The filing keeps BNY Mellon as transfer agent and would trade on Nasdaq as GHYP if approved. Coinbase custody underpins most U.S. spot Bitcoin ETFs. Tether invested $100M in Anchorage in February.
How this was made
The 30-second read
Why it matters
This is a concrete regulatory filing update that can affect custody relationships in U.S. spot Bitcoin ETF infrastructure and creates conditional ETF-linked demand optionality for HYPE.
Market read
Traders in crypto custody and ETF-linked tokens should monitor SEC review timelines, as the custodian change and conditional ETF structure can shift expectations for custody economics and HYPE demand.
What to watch
The article notes Anchorage is secondary for some holdings previously, and staking is contingent on regulatory approval, both of which can materially change the final economics and demand for HYPE.
Background
Grayscale filed an amended prospectus for its proposed Hyperliquid ETF (HYPE), changing the custodian from Coinbase to Anchorage Digital Bank, while keeping BNY Mellon as transfer agent.
Ticker impact
Grayscale amended its HYPE ETF filing to replace Coinbase as custodian, citing Coinbase Custody Trust Company’s role for most U.S. spot Bitcoin ETFs.
Low near-term impact; any COIN reaction would likely be sentiment-driven around crypto infrastructure custody.
The article is about Grayscale’s proposed ETF custodian swap, which can affect custody fees and strategic positioning, but it does not quantify assets, fee economics, or final SEC approval outcomes.
The proposed Grayscale Hyperliquid ETF would hold HYPE, Hyperliquid’s native token, with trading contingent on SEC approval.
Potentially positive optionality for HYPE into SEC decision windows; magnitude uncertain until approval and fund flows.
The article provides the product structure and conditionality but no flow estimates, AUM expectations, or prior approval probability.
Market effects
Highlights competitive custody dynamics for U.S. spot Bitcoin ETF infrastructure and may pressure custody fee expectations across providers.
U.S. SEC filing process keeps the catalyst centered on U.S. crypto-ETF regulatory timelines.
Custody and ETF access decisions can influence global crypto market structure and institutional allocation routes.
Counterpoint
The custodian swap may be operational or pricing-driven and does not guarantee approval or meaningful incremental assets, limiting impact on COIN.
Key entities
- asset managerGrayscale
Submitted an amended SEC filing for a proposed Hyperliquid ETF and changed the custodian to Anchorage.
- crypto custody providerCoinbase Custody Trust Company
Previously held underlying assets for nearly every U.S.-traded spot Bitcoin ETF, and is removed as custodian in the amended filing.
- crypto bank/custodianAnchorage Digital Bank
Named as custodian for the proposed HYPE ETF in the amended SEC filing.
- crypto protocolHyperliquid
Operates the on-chain perpetuals decentralized exchange; its native token HYPE is the proposed ETF holding.
- regulatorSEC
Must approve the product for it to trade on Nasdaq under ticker GHYP.
