Grayscale Taps Anchorage for HYPE ETF Custody

Grayscale has replaced Coinbase as the custodian for its proposed Hyperliquid exchange-traded fund (ETF), naming Anchorage Digital Bank in its place. This change affects nearly all US-traded spot Bitcoin ETFs, with Fidelity Digital Assets being a notable exception. Grayscale's Bitcoin and Ethereum trusts currently use Coinbase as their primary custodian, although Anchorage was brought in as a secondary custodian for a portion of those holdings last August.

Anchorage Digital Bank, which became the first federally chartered crypto bank in the US in 2017, has expanded its services to include stablecoin issuance support, wealth management, and token lifecycle management. The firm recently onboarded Tron following regulatory inquiries into its founder and plans to launch Tron-staking products.

The proposed HYPE ETF would hold the native token of Hyperliquid, which operates the largest on-chain perpetuals decentralized exchange by trading volume. However, Hyperliquid's derivatives platform is currently unavailable to US users. If approved by the SEC, the fund would trade on Nasdaq under the ticker GHYP and use CoinDesk Hyperliquid Benchmark Extended Rate data for pricing.