Grayscale amends Hyperliquid ETF filing, replaces Coinbase with Anchorage

Grayscale has filed an amended registration statement with the US Securities and Exchange Commission (SEC) for its proposed Hyperliquid ETF.

The updated filing reflects a revision to the operational framework of the ETF, which is designed to track exposure to Hyperliquid (HYPE), a decentralised derivatives protocol.

In the earlier version of the proposal, Coinbase Custody was listed as the primary institution responsible for safeguarding the fund’s digital assets.

Details of the revised filing

The most significant change in the revised document is the appointment of Anchorage Digital Bank as the new custodian.

Anchorage is a federally chartered crypto bank in the United States, which allows it to operate under a regulated banking framework while providing digital asset custody services to institutional clients.

Under the updated structure, Anchorage will be responsible for the secure storage of the ETF’s underlying HYPE holdings.

This replaces Coinbase, which had previously been expected to play a central role in the custody setup.

In addition to the custodian change, the filing confirms that The Bank of New York Mellon will serve as the transfer agent for the ETF.

This role typically includes handling administrative functions such as record-keeping, fund share issuance, and settlement processes tied to ETF operations.

The removal of Coinbase from the structure is not a partial adjustment.

The amended filing shows that Coinbase no longer appears in any custody or operational capacity within the ETF arrangement.

Earlier drafts had included it in a custodial role, and in some discussions around the product design, it was also linked to broader service functions tied to the ETF ecosystem.

Shift highlights changing custody dynamics in crypto ETFs

The decision to transition custody from Coinbase to Anchorage reflects a broader shift in how institutional crypto products are being structured.

Coinbase has historically been one of the most widely used custody providers for US-listed crypto investment products, particularly spot Bitcoin exchange-traded funds that launched in recent years.

However, the Hyperliquid ETF amendment indicates that issuers are increasingly open to diversifying custody arrangements rather than relying on a single dominant provider.

Anchorage Digital Bank’s role as a federally regulated entity appears to have strengthened its positioning in this case, particularly as regulatory scrutiny around digital asset custody continues to influence ETF design choices.

Anchorage’s banking charter gives it a distinct regulatory status compared to non-bank crypto custodians.

This structure allows it to operate under federal oversight while supporting digital asset infrastructure, making it an attractive option for institutional financial products that require stricter compliance frameworks.

The revised filing also highlights the growing separation between trading platforms and custody providers.

Coinbase operates not only as a custodian but also as a major crypto trading venue and derivatives participant.

Hyperliquid, the underlying protocol linked to the ETF, functions in the decentralised derivatives market, which introduces competitive overlap between certain segments of Coinbase’s business and the asset being tracked by the fund.