Grayscale Revises Hyperliquid ETF Custody Structure

TLDR

• Grayscale filed an amended registration statement for the Hyperliquid ETF with the US Securities and Exchange Commission.
• The updated filing replaces Coinbase Custody with Anchorage Digital Bank as the ETF custodian.
• Anchorage Digital Bank will safeguard the fund’s underlying HYPE holdings under a federally regulated banking framework.
• The amended document removes Coinbase from all custody and operational roles within the ETF structure.
• The BNY Bank will serve as the transfer agent for the Hyperliquid ETF.

Grayscale has updated its registration statement for the Hyperliquid ETF with the US Securities and Exchange Commission. The amended filing replaces Coinbase Custody with Anchorage Digital Bank as custodian. The document also confirms that BNY Bank will act as the transfer agent.

Grayscale Updates Hyperliquid ETF Structure

Grayscale submitted an amended S-1 registration statement to the US Securities and Exchange Commission for the Hyperliquid ETF. The revised filing outlines changes to the fund’s operational structure and service providers. The ETF seeks to track exposure to Hyperliquid’s native token, HYPE.

Under the new filing, Grayscale appointed Anchorage Digital Bank as the sole custodian for the ETF. Anchorage will safeguard the fund’s underlying HYPE holdings under a federally regulated banking framework. The document states that Anchorage will provide secure digital asset custody services for institutional clients.

Grayscale removed Coinbase Custody from all operational roles within the ETF structure. Earlier drafts listed Coinbase as the primary custodian for digital asset storage. However, the amended filing no longer references Coinbase in any custodial or administrative capacity.

The filing also confirms that BNY Bank will serve as the transfer agent. The bank will handle record-keeping, share issuance, and settlement functions tied to the ETF. These responsibilities support the fund’s daily administrative and operational processes.

Custody Change Reflects Shift in ETF Design

The amendment formalizes Anchorage Digital Bank’s role as custodian for the Hyperliquid ETF. Anchorage operates as a federally chartered crypto bank in the United States. This status allows it to function under federal oversight while providing digital asset custody services.

Grayscale’s updated filing shows a full transition from Coinbase to Anchorage. The document does not describe the change as partial or temporary. Instead, it presents Anchorage as the designated institution for secure storage of HYPE tokens.

Coinbase has served as custodian for several US-listed crypto investment products. Many spot Bitcoin ETFs appointed Coinbase for digital asset storage in recent years. However, the Hyperliquid ETF filing reflects a different custody arrangement.

The revised structure separates custody from trading platform operations. Coinbase operates both a trading venue and a custody service for digital assets. Hyperliquid functions as a decentralised derivatives protocol linked to the ETF’s exposure.

Grayscale’s filing does not outline any operational role for Coinbase in the ETF ecosystem. Earlier discussions around the product design referenced Coinbase in custodial and related service roles. The current amendment removes those references from the registration statement.

The Hyperliquid ETF filing remains under review by the US Securities and Exchange Commission. Grayscale continues to pursue regulatory approval for the proposed product. The amended registration statement reflects the latest disclosed structure for the ETF.

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