Grayscale has amended its Hyperliquid (HYPE) ETF filing, dropping Coinbase as custodian and naming federally chartered Anchorage Digital Bank in its place.
Filing Swaps GHYP Custodian
The revised S-1, submitted to the U.S. Securities and Exchange Commission on Apr. 20, removes Coinbase from its earlier dual role as custodian and prime broker.
If cleared, the fund would trade on Nasdaq under the ticker GHYP.
Coinbase Custody Trust Company holds the underlying assets for nearly every U.S. spot Bitcoin (BTC) ETF, with Fidelity Digital Assets as the main exception.
Anchorage, founded in 2017, became the first federally chartered crypto bank in the country, and Grayscale already brought it on as a secondary custodian for portions of its Bitcoin and Ether (ETH) trusts in August 2025.
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Anchorage Strategy, Rival Filings
Analysts see the switch as a regulatory play. Anchorage operates under an OCC national trust charter, a designation that carries qualified custodian status under federal banking law, a credential the SEC has scrutinized in digital asset custody structures.
There is also a competitive angle. Hyperliquid's decentralized derivatives venue has become a direct rival to Coinbase, which expanded into derivatives through its Deribit deal, creating a potential conflict of interest had Coinbase remained on the filing.
Anchorage's profile has risen quickly.
Tether made a $100 million strategic equity investment in February 2026, valuing the firm at $4.2 billion, up from $3 billion at its 2021 Series D. Competitor 21Shares named Anchorage and BitGo as joint custodians in its own THYP amendment on Apr. 14, pointing to a shared read among issuers.
Grayscale filed the original HYPE ETF proposal on Mar. 20, following earlier submissions from Bitwise and 21Shares. The staking feature remains the largest open variable, with the filing conditioning it on separate SEC sign-off.
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