Grayscale Names Anchorage Digital Bank as Custodian in Hyperliquid ETF Update

Grayscale updates Hyperliquid ETF filing as Anchorage Digital Bank enters spotlight, while Coinbase remains key custodian in crypto ETF market.

Grayscale has updated its Hyperliquid exchange-traded fund proposal recently. The company referred to Anchorage Digital Bank as a custodian. But previous filings had reported Coinbase as the primary custodian. Therefore, this change has drawn strong attention across the crypto market.

Grayscale update highlights growing competition in crypto ETF custody

The significance of the change is that Coinbase has a significant presence in crypto ETF custody. In addition, numerous funds rely on Coinbase to store their funds safely. Thus, any movement to Anchorage is an indication of increasing competition in the custody space. The trend can affect the future ETF design and collaborations.

However, current filings show that Coinbase Custody remains the primary custodian for Grayscale’s ETF. On March 20, 2026, Grayscale submitted its first S-1 filing with the Securities and Exchange Commission. Additionally, the filing does not yet include details about management fees for the fund.

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Meanwhile, staking is not allowed at the launch of Grayscale’s ETF product. However, the filing has a staking condition to be used in the future. This implies that staking can be made available in case of a change in regulations. Thus, the company is anticipating potential changes in policy in the market.

Bitwise Asset Management, on the other hand, has adopted a different strategy in its ETF structure. Anchorage Digital Bank was chosen by Bitwise as the custodian of its Hyperliquid ETF. Moreover, Bitwise submitted its second amended S-1 form on April 10, 2026. This demonstrates quicker adaptation of its proposal.

Bitwise and others intensify race for Hyperliquid ETF approval

The Hyperliquid ETF of Bitwise, which is traded under the ticker BHYP, has a number of distinctive features. The management fee is 0.67 per year. Additionally, the fund allows staking, with about 85% of rewards kept after fees. Thus, this building can be appealing to investors who want greater returns.

Moreover, Bitwise added new trading counterparties such as Flowdesk and Wintermute. These will be additions to enhance the liquidity and quality of execution of the ETF. Consequently, Bitwise is consolidating its market in the expanding ETF market.

The general market is experiencing an increased interest in investment products that are based on Hyperliquid. Four large companies compete in this area at the moment. These are Grayscale, Bitwise, 21Shares, and VanEck. Both companies are striving to introduce a spot Hyperliquid ETF in the US.

Moreover, 21Shares launched a passive token ETF tracking Hyperliquid in late 2025. Meanwhile, VanEck affirmed that it would launch an ETF product based on staking. Thus, the competition is growing, with companies experimenting with product structures.

Grayscale is growing its crypto product range in a more accommodating regulatory framework. The company has also ventured into ETFs that are associated with other digital assets. These are the BNB token of Binance and Zcash. Additionally, Grayscale was one of the first to launch a Chainlink ETF product.

Overall, the latest update highlights a shifting landscape in crypto ETF custody services. Though Coinbase is still the leader, Anchorage is becoming more visible. With increasing competition, companies might keep on modifying strategies in order to win the interest of investors. As a result, the Hyperliquid ETF approval race is getting more aggressive.