Catenaa, Thursday, April 23, 2026- Grayscale’s decision to replace Coinbase with Anchorage Digital Bank in its proposed Hyperliquid exchange-traded fund marks a major shift in the crypto ETF market, where Coinbase has long dominated custody services for institutional products.
The amended filing names Anchorage as custodian for the proposed Hyperliquid ETF, which is expected to trade on Nasdaq under the ticker GHYP if approved. Coinbase had previously been listed as both prime broker and custodian in the earlier version of the filing.
The change is notable because Coinbase remains the main custodian for nearly every spot bitcoin ETF currently trading in the United States. The only major exception is Fidelity, which uses its own digital asset unit.
Grayscale’s move suggests institutional investors may be looking for more diverse custody arrangements as the crypto ETF market expands beyond bitcoin and ethereum into newer digital assets such as Hyperliquid’s HYPE token.
Anchorage is the first federally chartered crypto bank in the United States. The firm has steadily expanded its role in institutional digital asset services, including stablecoins, token management, wealth management and staking infrastructure.
The filing also keeps The Bank of New York Mellon as transfer agent. Grayscale said the fund may include staking features, although those would still require separate regulatory approval.
Hyperliquid has become one of the fastest-growing crypto trading protocols over the past year. The platform is currently the largest onchain perpetual futures exchange, handling billions of dollars in trading activity and gaining popularity among traders seeking alternatives to centralized exchanges.
Its HYPE token has emerged as one of the strongest-performing digital assets in the derivatives sector. That growth has triggered a race among asset managers to launch investment products linked to Hyperliquid.
Grayscale is not alone in pursuing a Hyperliquid ETF. Asset managers including 21Shares, Bitwise and Canary Capital have also filed similar products. Several of those filings also use Anchorage as a custodian, showing that the company is becoming more influential in crypto fund infrastructure.
Some analysts believe Grayscale’s decision to use Anchorage reflects a broader effort to position the fund more favorably with regulators and institutional investors. Anchorage’s federal banking charter may make it more attractive to pension funds, wealth managers and institutions that want stronger regulatory oversight around custody.
Why Coinbase Was Replaced
Coinbase’s dominance in ETF custody has been one of the defining features of the crypto ETF market. The company safeguards the underlying bitcoin or ethereum for most U.S.-listed spot funds.
However, Hyperliquid presents a different situation. The token is linked to a decentralized derivatives platform that competes more directly with Coinbase’s own derivatives ambitions.
Coinbase has been expanding aggressively in futures and derivatives trading. The company recently strengthened that strategy through its acquisition of Deribit and has made clear it wants to become a full-service crypto exchange platform.
That overlap may have influenced Grayscale’s decision. Some market observers believe issuers may prefer to avoid relying on a custodian that also competes in the same market segment as the underlying asset.
Anchorage, by contrast, is seen more as a neutral infrastructure provider. Its business focuses on custody, banking, staking and institutional services rather than direct trading competition.
Implications
Grayscale’s filing may signal the start of a broader shift away from Coinbase’s near-monopoly in crypto ETF custody.
If Hyperliquid ETFs are approved, custody providers could become more competitive as issuers seek partners with different strengths, especially for specialized products tied to decentralized finance, staking or tokenized assets.
Anchorage also appears to be gaining momentum outside of ETF custody. Earlier this year, the company received a $100 million investment from Tether, valuing it at about $4.2 billion. Reports have also suggested that Anchorage is preparing for a public listing.
For Hyperliquid, the ETF race is becoming a major test of whether decentralized trading platforms can enter mainstream financial markets. Although the protocol remains unavailable in the United States, the push for an ETF shows that investors still want exposure to the platform’s growth.
The Securities and Exchange Commission has not yet approved any Hyperliquid ETF product, but filings are moving closer to launch stage.
Recent amendments from Grayscale, 21Shares and Bitwise have filled in more operational details, including tickers, custodians, pricing benchmarks and staking arrangements.
That process suggests issuers expect regulators to take these proposals seriously. If approved, Hyperliquid ETFs could become one of the first products to bring decentralized derivatives exposure into traditional stock markets.
